U.S. Housing Starts Hit 1.427 Million as Permits Fall 3% Near Cycle Lows
Updated
Updated · HousingWire · Jul 17
U.S. Housing Starts Hit 1.427 Million as Permits Fall 3% Near Cycle Lows
3 articles · Updated · HousingWire · Jul 17
Summary
June housing starts rose to a 1.427 million annualized rate, up 19% from May and above estimates, but the gain came almost entirely from a sharp rebound in multifamily construction.
Single-family starts slipped 0.2% to 895,000, while single-family permits fell 2.4% to 871,000, helping pull total permits down to 1.367 million and keeping them near cycle lows.
That split suggests builders are still cautious about future projects as new-home demand has struggled to grow, with sales largely moving sideways for about 9.5 years outside the COVID spike.
Builders have supported sales with sub-6% mortgage offers, keeping new-home sales around 2019 levels even as existing-home sales remain weaker.