The number of housing starts fell in August, an indication of the challenges facing the housing market.
Housing starts, the change in the number of new residential buildings that began construction, fell 11.3% from July to this past month, according to a Wednesday report from the Census Bureau. They are now at a seasonally adjusted annual rate of 1.283 million. From August 2022, they fell 14.8%. That marks the lowest level since June 2020.For permits to build, which are seen as a proxy for future construction, the rate of new permits last month was 2.7% below the rate in August last year.
The housing market was red-hot during much of the pandemic because the Fed cut interest rates to near-zero levels, resulting in ultra-low mortgage rates for homebuyers. Those historic rates spurred a massive wave of demand, causing prices to rise and construction to skyrocket. But there have been some more recent indications that the housing market has some momentum despite the high mortgage rates.
New home sales rose 4.4% from June to July to a seasonally adjusted annual rate of 714,000, according to the most recent report from the Census Bureau. Sales in July were 31.5% higher than in July 2022.
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