Single-family housing starts fell 4.2% in July to a 14-month low, following a slight downward revision of June figures.
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The U.S. Census Bureau found that single-family housing starts dropped to a seasonally adjusted annual rate of 432,000 in July from 451,000 in June. May's single-family housing start total was upwardly revised slightly to 459,000.
The June rate for multifamily starts in buildings with five units or more was 95,000.
Mike Larson, real estate and interest rate analyst at Weiss Research, said in a report that the start figures reflect a market in which builders are not willing or able to ramp up activity due to continuing competition from distressed inventory and foreclosures.
