Single-family housing starts decreased 7% from July to August to a seasonally adjusted annual rate of 890,000 units—the lowest reading since July of 2024, according to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.
Single-family housing starts are down 4.9% on a year-to-date basis.
As of August, there were 611,000 single-family homes under construction, which is down 4.8% from a year ago.
Overall housing starts decreased 8.5% in August to a seasonally adjusted annual rate of 1.31 million units.
Challenging affordability conditions remain a persistent challenge for the housing industry, according to the National Association of Home Builders. However, the Federal Reserve is expected to cut short-term interest rates today, which could ease market pressures.
On a regional and year-to-date basis, overall housing starts were 8.3% higher in the Northeast, 15% higher in the Midwest, 3.5% lower in the South and 0.1% higher in the West.
Read the full report here.
