US Housing Starts Tumble Toward COVID-Era Lows in July
Residential construction fell sharply in July, with single-family starts hit hard as high mortgage rates and affordability pressures kept buyers sidelined.
US housing starts dropped sharply in July, pushing construction activity close to levels last seen during the COVID-era downturn. The decline signals renewed weakness in the housing market and raises fresh concerns about residential construction.
Single-family construction took the biggest hit. Builders are facing elevated borrowing costs, rising expenses, and uncertain demand, while many potential buyers remain on the sidelines because of stretched affordability.
The pullback highlights how high mortgage rates continue to weigh on the housing sector, leaving residential construction with little momentum as starts approach pandemic-era lows.
Source: First Squawk