Increased interest rates, building material supply chain bottlenecks and elevated construction costs continue to put a damper on the single-family housing market, according to The National Association of Home Builders (NAHB). For the first time since June 2020, both single-family starts and permits fell below a 1 million annual pace.
Overall housing starts fell 2.0% to a seasonally adjusted annual rate of 1.56 million units in June from an upwardly revised reading the previous month, according to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.