US Housing Starts Fall to Lowest Level Since 2020

New home construction drops sharply, impacted by high mortgage rates and Hurricane Beryl.

Single-family housing starts fell 14.1% in July to an annual rate of 851,000 units.
Overall housing starts declined 6.8% to a rate of 1.238 million units, the lowest since May 2020.
Builder confidence has decreased for the fourth consecutive month, reaching an eight-month low.
High mortgage rates and increased housing inventory are deterring new homebuyers.
Hurricane Beryl significantly affected housing starts in the South, with a 22.9% decline.