Single-Family Home Construction Plunges in July, But Permits Offer Signs of Hope

U.S. single-family home construction fell sharply in July, with starts down 9.9% from June and 15.7% from last year, while total housing starts dropped 12.4%. Declines occurred across all regions, led by the Northeast. Despite weak demand due to high mortgage rates and costs, building permits rose 5% from June, suggesting potential future growth. Builders remain cautious amid economic uncertainty and a persistent housing shortage.