- Housing starts fall 7.0% in July
- Single-family starts drop 4.5%; multi-family dive 13.1%
- Building permits rise 2.6%; single-family fall 1.7%
WASHINGTON, Aug 18 (Reuters) – U.S. homebuilding fell more than expected in July, the latest sign that surging construction costs and home prices continued to constrain the housing market early in the third quarter.
Though the report from the Commerce Department on Wednesday showed a rebound in building permits after three straight monthly declines, the gain was in the volatile multi-family home segment, which will do little to ease an acute housing shortage that is driving up prices.
The number of houses authorized for construction but not yet started last month was the third highest on record, indicating builders remained hesitant to undertake new projects.
“There is no…