Homebuilding keeps weakening in latest data
Inflation fell more than expected in June. That gave consumers some breathing room, and they kept spending – even if they became more selective about where their money went. Homebuilders were less optimistic. Beneath a volatile monthly increase in total housing starts, single-family construction continued to decline. Multifamily construction may be approaching a bottom, but overall homebuilding has fallen back toward its pre-pandemic pace – not nearly enough for a country with a 4.7 million-home housing deficit. Sadly, the relief may also be temporary. Asking-rent growth has ...