Housing starts unexpectedly rose in June as construction of single-family dwellings jumped by the most since 2004, signaling the market is stabilizing.

The 3.6% increase brought starts to an annual rate of 582,000, the highest level since November, and followed a 562,000 pace in May that was higher than previously estimated, the Commerce Department said Friday.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.