Single-family home building in the U.S. made a significant recovery in July 2020, reaching a seasonally adjusted annual rate of 1.452 million, according to the U.S. Census Bureau. Despite this particular increase, the bureau has reported that home starts have declined for 13 out of the last 15 months on a year-over-year basis.
The increase in single-family housing in July provides a much-needed bright spot for the American economy, although it is not enough to offset the declining demand for housing over the past year. U.S homebuilders have experienced a significant demand shock due to the economic disruption on homebuyers caused by the COVID-19 pandemic. A number of factors have led to this decline, including changing consumer preferences, job loss, supply chain disruptions, and mortgage rates remaining near all-time lows due to the Federal Reserve’s aggressive response to the pandemic.
Most important elements:
• Significant recovery of single-family housing in July to an annual rate of 1.452 million, U.S. Census Bureau
• Home starts have declined for 13 out of last 15 months, year-over-year basis
• Homebuilders experienced a significant demand shock due to the COVID-19 pandemic
• Factors leading to decline: changing consumer preferences, job loss, supply chain disruptions, and mortgage rates near all-time lows
You can read this full article at: https://www.housingwire.com/articles/housing-starts-tick-back-up-in-july-in-spite-of-headwinds/(subscription required)
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