Connect with us

Uncategorized

July Housing Starts See Surge Thanks to Single-Family Home Building

Published

on

Miniature red house on stack coins using as property real estate and business financial concept-housing market

U.S. housing starts increased in July due to a rise in single-family house construction, despite higher borrowing rates having a greater impact than anticipated on future project plans.

According to official data released on Wednesday, the construction of single-family homes increased by 6.7 percent in July compared to a month earlier to a seasonally adjusted annual pace of 983,000.

The yearly pace of multifamily building decreased 1.7% to 460,000, after season adjustment.

Residential home starts increased overall last month by 3.9 percent to a 1.45 million yearly rate.

The shortage of available existing homes for sale has boosted housing starts. High housing prices and high mortgage rates have deterred many homeowners from selling their homes, which is unfortunate because the majority of people who are selling a home also plan to buy one. Most people are hesitant to switch from a mortgage with a rate of three to four percent to one with the present rate of about seven percent.

Applications to build homes, a leading indicator of future building, increased 0.1 percent to 1.44 million units annually. Wall Street had anticipated a tiny increase in that, but a drop in multifamily permits kept that from happening.

Permits to build single-family homes rose 0.6 percent to an annual rate of 930,000, the highest level in more than a year. Construction permits are seen as a leading sign for upcoming work.

Up Next:

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Continue Reading

Copyright © 2023 The Capitalist. his copyrighted material may not be republished without express permission. The information presented here is for general educational purposes only. MATERIAL CONNECTION DISCLOSURE: You should assume that this website has an affiliate relationship and/or another material connection to the persons or businesses mentioned in or linked to from this page and may receive commissions from purchases you make on subsequent web sites. You should not rely solely on information contained in this email to evaluate the product or service being endorsed. Always exercise due diligence before purchasing any product or service. This website contains advertisements.

Is THE newsletter for…

INVESTORS TRADERS OWNERS

Stay up-to-date with the latest kick-ass interviews, podcasts, and more as we cover a wide range of topics, in the world of finance and technology. Don't miss out on our exclusive content featuring expert opinions and market insights delivered to your inbox 100% FREE!