Housing Completions Drop 7%

Housing units were completed at a seasonally adjusted annual rate of 1,688,000 in April, down 7% from a six-year high of 1,813,000 in March, the Commerce Department said today.

The actual number of residential units completed during the month was an estimated 128,900, down from 133,600 in March, the department said in a report. The figures are adjusted for seasonal differences and extended for 12 months to arrive at the annual rate. The decline was centered in apartment and condominium buildings with five or more units, down 15%.