Single-family housing starts fell 5% in July from June while multifamily starts held steady, according to a new government report.
The Census Bureau reported Tuesday morning that single-family housing starts fell to a 425,000 seasonally adjusted annual rate (SAAR) in July from a 447,000 rate in June. The June rate was revised downward by 16,000 units.
Overall, single-family starts are down nearly 1% from a year ago.
The bureau also reported that July multifamily starts came in at a 170,000 SAAR -- the highest level since builders broke ground on 187,000 units back in January. The June multifamily rate was revised downward by 10,000 units to a 160,000 rate.
Many housing analysts were expecting a decline in housing starts because permitting has been sluggish.
Permits for single-family construction rose 0.5% from June to a 404,000 SAAR in July. Multifamily permits fell 12% to a 171,000 rate in July.
