Overall housing starts fell 6.8% from June to July to a seasonally adjusted annual rate of 1.238 million — a 16% year-over-year decline and the slowest pace of starts in roughly four years. Single-family starts dropped by 14.1% to a rate of 851,000 in July, a 14.8% annual decrease per the U.S. Census Bureau and U.S. Department of Housing and Urban Development’s (HUD) latest figures.
On a year-to-date basis, single-family starts are up 11.4%.
The news of July’s slump in new construction follows reports of credit tightening for residential builders in the second quarter of 2024, when average effective rates on loans for land acquisition and speculative single-family construction were the highest they’ve been since 2018.
Down 4% percent from June and 7% annually, overall residential permitting fared only slightly better than starts, reaching an annual rate of 1.396 million in July. Single-family permitting was virtually unchanged from June, but 1.6% lower than the same period last year.
Single-family homes under construction fell back to a count of 653,000 — down 4.1% compared to a year ago.
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