US Housing Starts Drop 12.4% to 1.239 Million as Permits Rise to 1.443 Million
Updated
Updated · HousingWire · Aug 19
US Housing Starts Drop 12.4% to 1.239 Million as Permits Rise to 1.443 Million
3 articles · Updated · HousingWire · Aug 19
Summary
1.239 million housing starts in July missed estimates and fell 12.4% from June, with single-family starts down 9.9% to 808,000.
Rising rates, weak demand growth and high capital costs are keeping builders from expanding supply, even as the market continues to build at a restrained pace.
1.443 million building permits rose 5.0% from June and 3.1% from a year earlier, but the pickup still points to a market largely moving sideways rather than accelerating.
Builders are seen holding production in check while new-home sales stay in a narrow long-term range, suggesting construction will remain constrained until demand improves.