U.S. homebuilding fell for a third straight month in July amid a steep decline i...
WASHINGTON - U.S. homebuilding fell for a third straight month in July amid a steep decline in the construction of multi-family housing units, but a jump in permits to a seven-month high offered hope for the struggling housing market.
Housing starts dropped 4.0% to a seasonally adjusted annual rate of 1.191 million units last month, the Commerce Department said on Friday. Homebuilding was likely disrupted by Tropical Storm Barry, which drenched Louisiana in the middle of July. U.S. stock index futures held gains after the release of the data. Prices of U.S. Treasuries were trading largely lower while the dollar .DXY edged up against a basket of currencies.
Single-family homebuilding, which accounts for the largest share of the housing market, increased 1.3% to a rate of 876,000 units in July, the highest level in six months. Single-family housing starts rose in the Northeast, West and Midwest, but dropped 3.9% in the populous South. According to builders, lower borrowing costs had not boosted the housing market because of the “rate declines occurred due to economic uncertainty.” The housing market continues to grapple with tight inventory and sluggish sales growth. Residential investment has contracted for six straight quarters, the longest such stretch since the 2007-2009 Great Recession.
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