July housing starts fell sharply below forecasts while building permits rose to 1.443M, signaling mixed signals for the sector.
US housing starts dropped 12.4% month-over-month in July to a seasonally adjusted annual rate of 1.239M, missing the 1.345M consensus estimate. The decline follows a revised prior figure of 1.415M, down from the initially reported 1.427M.
Building permits, a forward-looking indicator, rose 5.0% to 1.443M, exceeding the 1.370M consensus and the revised prior of 1.374M. The prior month’s permits were initially reported at 1.367M.
The data reflects ongoing volatility in the housing market amid shifting mortgage rates and economic uncertainty.