US Single-Family Homebuilding Surges in August.

Despite a sharp increase in starts, rising supply and affordability issues pose challenges for builders.

Single-family housing starts jumped 15.8% in August to an annual rate of 992,000 units, rebounding from a decline influenced by Hurricane Beryl.
Permits for future single-family home construction rose 2.8% to a rate of 967,000 units, indicating moderate growth ahead.
The Federal Reserve cut interest rates by 50 basis points, contributing to a drop in mortgage rates to 1.5-year lows.
An oversupply of newly built houses and increased existing home inventory are expected to limit the momentum in new home construction.
Regional variations showed the highest increases in the Northeast (47.4%) and the South (18.9%), while the West saw a modest rise of 2.8%.