New home starts in the US declined in July, with single-family housing starts falling to their lowest level since 2022. According to data released by the US government on Tuesday, the number of new housing starts fell by 12.4% in July, equivalent to an annual rate of 1.24 million units, which is lower than the expected value of 1.35 million units. Single-family housing starts fell 9.9%, equivalent to an annual rate of 808,000 units, the lowest since November 2022. Multi-family housing starts fell by nearly 17%, falling back after a sharp increase in the previous month. The decline in new housing starts shows that growth in the US real estate market is still weak. Since the beginning of the war in Iran, mortgage interest rates have risen, and housing prices are still high, continuing to curb demand for housing.

New home starts in the US declined in July, with single-family housing starts falling to their lowest level since 2022. According to data released by the US government on Tuesday, the number of new housing starts fell by 12.4% in July, equivalent to an annual rate of 1.24 million units, which is lower than the expected value of 1.35 million units. Single-family housing starts fell 9.9%, equivalent to an annual rate of 808,000 units, the lowest since November 2022. Multi-family housing starts fell by nearly 17%, falling back after a sharp increase in the previous month. The decline in new housing starts shows that growth in the US real estate market is still weak. Since the beginning of the war in Iran, mortgage interest rates have risen, and housing prices are still high, continuing to curb demand for housing.