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US homebuilding hits 2022 lows
Data from the U.S. Department of Commerce show that single-family home construction in the United States declined sharply in July, hitting the lowest level since November 2022, with a 9.9% decrease to an annual rate of 808,000 units. The primary measure of construction activity dropped by 15.7% year-over-year. Meanwhile, building permits for future homes increased by 2.5% monthly and 1.1% annually, but the permit issuance level remains near its lowest in three years. This reflects builders' hesitation due to rising mortgage interest rates and economic uncertainty linked to the ongoing war with Iran. Additionally, contracts to purchase existing homes fell by 2.3%. The housing market still faces a deep downturn caused by rising mortgage rates and inflated home prices, as interest rates remain high and continue to impact affordability.
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