(Census Bureau) The US recorded a monthly 7% plunge in housing starts in July, with the annual rate now at 1.534 million from 1.650 million in June.
Despite the plunge, the housing starts number was 2.5% above that of July 2020.
The fall in housing starts happened even as building permits rose by 2.6% in July from June to an annual rate of 1.635 million. The permits were 6.0% higher compared to July 2020.
House completions hit an annual rate of 1.391 million in July, up 5.6% from June. The completions were 3.8% higher than in July 2020.
Analysts say the decline in housing starts reflect builders’ skepticism on-demand as workers return to offices following vaccinations while high house prices keep off buyers.
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