Stats: Housing starts down 11% in August

The Census Bureau reported that privately‐owned housing starts in August were at a seasonally adjusted annual rate of 1,283,000.
Privately‐owned housing starts in August were at a seasonally adjusted annual rate of 1,283,000, which is 11.3% below the revised July estimate.

The Census Bureau, Washington, D.C., reported that privately owned housing starts in August were at a seasonally adjusted annual rate of 1,283,000, which is 11.3% below the revised July estimate.  

Permits were up 6.9% in July.  

The Federal Reserve paused interest rate hikes September 20 but noted its desire to achieve maximum employment and inflation at the rate of 2% over the longer run. Despite the pause, mortgage rates remain around 7%. 

“High mortgage rates above 7% combined with low resale inventory and higher home prices are slowing housing production, as many first-time home buyers and younger households are struggling to purchase an affordable home,” says Alicia Huey, chairman of the National Association of Home Builders and a custom home builder and developer from Birmingham, Alabama. “With high mortgage rates sending buyers to the sidelines, and a nationwide shortage of 1.5 million units, we need to increase the housing supply to get this market back into balance to meet the pent-up demand for when market conditions improve.” 

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