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U.S. home construction hits lowest since 2022
The construction of single-family American homes saw a sharp decline in July, reaching the lowest level since November 2022, due to rising mortgage rates and economic uncertainty caused by the war with Iran. Starts decreased by 9.9% to approximately 808,000 units annually, while contracts to purchase existing homes fell by 2.3%, amidst ongoing pressure from higher interest rates and a tightening housing supply. Although future building permits increased by 2.5%, the market continues to struggle with weak demand and financing issues, posing a threat to the stability of the U.S. housing market at present.
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