The number of housing starts tumbled last month, despite signs that the home sales market is heating up again after falling.
Housing starts take into account the change in the number of new residential buildings beginning construction.
New single-family home construction fell 8 percent from May to June, according to July 19 report from the U.S. Census Bureau.
Starts are now at a seasonally adjusted annual rate of 1.43 million, which is an 8.1 percent annual decline from May 2022.
A severe U.S. housing shortage has driven up demand for new homes and sparked new construction, and the scarcity has allowed sellers to jack up their prices….