US Housing Starts Plummet to 4-Year Low, Signaling Deepening Market Challenges

Published on August 16, 2024

Construction of new homes in the United States fell for the third consecutive month in July to its lowest level in over four years, suggesting deepening housing market woes. The Commerce Department’s monthly new residential construction report, released on Aug. 16, shows that privately owned housing starts in July stood at a seasonally adjusted annual rate of 1.238 million. That’s a 6.8 percent decline from a month ago and 16 percent lower than the same month in July. It’s also the lowest level of homebuilding activity since May 2020, when there were 1.053 million housing starts. Single-family homebuilding, which accounts for the bulk of new housing, fell 14.1 percent from June to July, to a seasonally adjusted annual rate of 851,000 units, the lowest level since March 2023. The year-over-year drop in July was 14.8 percent....

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