U.S. single-family homebuilding fell in August, likely as a resurgence in mortgage rates weighed on demand for new construction. Single-family housing starts, which account for the bulk of homebuilding, dropped 4.3% to a seasonally adjusted annual rate of 941,000 units last month, the Commerce Department said on Tuesday. Data for July was unrevised to show starts accelerating to rate of 983,000 units as previously reported.
WASHINGTON - U.S. single-family homebuilding fell in August, likely as a resurgence in mortgage rates weighed on demand for new construction.
Demand for new construction has been boosted by an acute shortage of previously owned homes on the market, with homebuilding rising for much of this year and breathing some life into the housing market, which has been hardest hit by the Federal Reserve's aggressive monetary policy tightening. The resurgence in mortgage rates is weighing on sentiment among homebuilders. A survey on Monday showed the National Association of Home Builders/Wells Fargo Housing Market Index dropped in September below the break-even mark of 50 for the first time in five months. The survey's measure of prospective buyers tumbled to the lowest level since February.
Tighter financial conditions, which are limiting credit access for builders as well as a huge stock of multi-family housing under construction are slowing activity.
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