Builders started construction of new single-family homes in July at the slowest pace since 2022, data from the Census Bureau showed Tuesday.
Single-family starts declined by 9.9 percent last month to a seasonally adjusted annual rate of 808,000 units. This was 15.7 percent below July of last year.
Total new home starts, including apartments and condos, dropped 12.4 percent to an annual pace of 1.239 million. This was 13.5 percent below the year-ago pace. It was the second slowest pace since June of 2020, behind the past May’s pace of 1.182 million
Despite the decline, the pace of home construction remains elevated compared to the decade before…
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