Construction on new U.S. homes fell 11.3% in August, the Commerce Department said Tuesday.
Construction of new U.S. homes fell 11.3% in August — falling short of Wall Street expectations — as builders scaled back new projects to focus on completions.
The pace of construction reversed course and fell as mortgage rates stayed over 7%, dampening home-buying demand. The last time construction of new homes was at this level was in June 2020. So-called housing starts fell to a 1.28 million annual pace from 1.45 million in August, the government said Tuesday. That’s how many houses would be built over an entire year if construction took place at the same rate each month as it did in August. These numbers are seasonally adjusted.New homes have dominated the housing market, but persistently high rates are beginning to spook home builders.
Building permits, a sign of future construction, rose 6.9% to a 1.54 million rate. That’s the highest level since October 2022. Market reaction: U.S. stocks DJIA SPX were set to open higher early Tuesday. The yield on the 10-year Treasury note BX:TMUBMUSD10Y rose above 4.3%.
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