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Housing starts tumble in July to new 17-month low
Fed tightening spurred ‘the great housing recession’: Expert
Former Fannie Mae executive Tim Rood provides an overview of the housing market after August homebuilder sentiment plunged on ‘Cavuto: Coast to Coast.’
New U.S. home construction plunged in July for the third consecutive month, evidence that rising interest rates are starting to cool the red-hot housing market.
Housing starts dropped 9.6% last month to an annual rate of 1.446 million units, the lowest level since February 2021, according to new Commerce Department data released on Tuesday. That's below Refinitiv economists' forecast for a pace of 1.540 million units.
Applications to build – which measures future construction – slowed to an annual rate of 1.67 million units, which is also the lowest since September.
The data comes one day after National Association of Home Builders/Wells Fargo Housing Market Index, which measures the pulse of the single-family housing market, fell for the eighth consecutive month to 49, marking the worst stretch for the housing market since the 2008 financial crisis.