Builders Pause on Single-Family Homes as Interest Rates Climb
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US: Construction activity for single-family homes decreased for the fourth consecutive month in June due to high interest rates. U.S. Census data showed single-family housing starts fell to a seasonally adjusted annual rate of 980,000, a 2.2% drop from May. Permits for single-family homes also declined by 2.3%, reaching a rate of 934,000. Despite the overall rise in housing starts, driven by a significant 19% increase in multifamily units, the slowdown in single-family home construction persists. Builders have responded by focusing on smaller, more affordable homes, with the median price of new homes sold in May dropping below that of existing homes for the first time in years.
Source: SFGATE