Single-family home construction in the United States rises in July

The US Commerce Department said new single-family homes, which account for the bulk of home construction in the US, rose 6.7% to a seasonally adjusted annual rate of 983,000 units in July, from 921,000 units in June instead of 935,000 units as previously reported.

Gross home starts rose 3.9% to 1.452 million units in July, future building permits for single-family homes rose 0.6% to a rate of 930,000 units in July, and the average 30-year mortgage rate rose to 6.96% over the past weeks.

Permits for housing projects of five or more units fell 0.2% to a rate of 464,000 units, the lowest level since October 2020, and overall building permits rose 0.1% to a rate of 1.442 million units in July.

Sponsored by Trade View