Housing Starts Under Pressure: New-Home Construction Declines Significantly

Friday, 16 August 2024, 12:42

Housing starts have plunged, with new-home construction dropping by 6.8% in July, marking the lowest level since May 2020. This downturn reflects broader economic challenges within the real estate market.
MarketWatch
Housing Starts Under Pressure: New-Home Construction Declines Significantly

Housing Starts Decline in July

The most recent data from the Commerce Department indicates a 6.8% drop in new-home construction during July, highlighting the challenging environment for homebuilders.

Impact on Homebuilders

This decline in housing starts is significant and may influence future building permits and mortgage rates, ultimately affecting home prices.

Current Economic Indicators

  • Single-family starts are on the decline.
  • Multifamily starts also contributed to the downturn.
  • Building permits showed a similar downward trend.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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