Single-family housing starts decreased by 4.3% month over month to a seasonally adjusted annual rate of 941,000 in August, according to the U.S. Census Bureau and the Department of Housing and Urban Development.
Privately owned housing starts fell 11.3% below the revised July estimate to 1,283,000. Privately owned starts also decreased by 14.8% on a year-over-year basis compared with August 2022. The August starts rate for units in buildings with five or more units was 334,000.
“New construction is often viewed as a beacon of hope for the housing market, adding desperately-needed inventory that could help buyers facing affordability challenges,” says Kate Wood, home expert at NerdWallet. “But in August, housing starts hit their lowest level since June 2020, when builders were struggling with shutdowns, labor shortages, and supply chain issues.”Read More