New US Home Construction Falls to Slowest Pace Since May 2020.

New-home construction in the US has fallen to its lowest level since the aftermath of the pandemic, as builders respond to weak demand and high inventory levels. Total housing starts decreased by 6.8% in July, with the biggest decline in single-family units. Building permits, which indicate future construction, also decreased by 4%. The new-home industry has been affected by high mortgage rates and prices, leading to increased inventory levels. However, larger builders have been able to gain market share by cutting prices and mortgage rates. Confidence among US home builders has also decreased, as they await the Federal Reserve to start cutting interest rates. [Extracted from the article]