US Housing Market Faces Mixed Signals as Single-Family Home Starts Plummet

June sees a rise in multifamily construction, but single-family homebuilding hits an eight-month low amid high mortgage rates.

Single-family housing starts fell 2.2% in June, reaching the lowest level since October 2023.
Permits for single-family homes dropped to a one-year low, indicating potential future slowdowns.
Multifamily construction surged by 19.6%, driving an overall 3% increase in total housing starts.
Homebuilder confidence declined, reflecting concerns over high mortgage rates and economic uncertainty.
The number of homes under construction fell to the lowest level since early 2022.