The growth rate of new housing construction in the US slowed in July, with single-family housing starts falling to its lowest level since 2022. According to government data released on Tuesday, housing starts fell 12.4% last month to an annualized 1.24 million units, lower than the agency survey's estimate of 1.35 million units. The number of single-family housing starts fell 9.9% to 808,000 units per annualized, the lowest level since November 2022. The number of multi-family housing starts fell by nearly 17%, and there was a sharp increase in the previous month. The decline in construction starts shows that it is difficult for the US real estate market to regain its growth momentum. Rising mortgage interest rates and high housing prices since the outbreak of the war in Iran continued to curb demand for housing. Although second-quarter residential investment contributed to economic growth for the first time since 2024, the increase was minimal. The prospects for starting housing construction are uncertain.

The growth rate of new housing construction in the US slowed in July, with single-family housing starts falling to its lowest level since 2022. According to government data released on Tuesday, housing starts fell 12.4% last month to an annualized 1.24 million units, lower than the agency survey's estimate of 1.35 million units. The number of single-family housing starts fell 9.9% to 808,000 units per annualized, the lowest level since November 2022. The number of multi-family housing starts fell by nearly 17%, and there was a sharp increase in the previous month. The decline in construction starts shows that it is difficult for the US real estate market to regain its growth momentum. Rising mortgage interest rates and high housing prices since the outbreak of the war in Iran continued to curb demand for housing. Although second-quarter residential investment contributed to economic growth for the first time since 2024, the increase was minimal. The prospects for starting housing construction are uncertain.