U.S. homebuilding drops amid rising mortgage rates

The U.S. housing market experienced a sharp decline in construction activity in July, with the number of new single-family home starts dropping by 9.9% to 808,000 units annually, influenced by rising mortgage rates and an increased supply of unsold homes. Overall housing starts also fell by 12.4% to 1.239 million units, surpassing economists’ expectations of 1.35 million units. Nonetheless, building permits for single-family homes increased by 2.5% to 894,000 units, and total building permits rose by 5% to 1.443 million, exceeding forecasts. The U.S. housing market remains under pressure due to higher mortgage interest rates, which have stabilized at 6.77%, limiting buyers’ ability to purchase. However, there are signs of improved builder sentiment in August, despite ongoing economic uncertainty and rising financing costs.

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