Privately-owned housing starts in July were at a seasonally adjusted annual rate of 1,206,000, 0.2% above revised June estimate of 1,204,000 and 10.1% above the July 2014 rate of 1,095,000. Single-family housing starts in July were at a rate of 782,000, 12.8% above the revised June figure of 693,000.
“This month’s drop in the more volatile multi-family side is a return to trend after an unusually high June,” NAHB Chief Economist David Crowe said in the press release. “While multi-family production has fully recovered from the downturn, single-family starts are improving at a slow and sometimes intermittent rate as consumer confidence gradually rebounds.”
