Over the month of July, overall housing starts have decreased by 9.6% as reported by the National Association of Home Builders (NAHB). The current seasonally adjusted rate is about 1.5 million units and comes straight from the U.S. Department of Housing and Urban Development as well as the U.S. Census Bureau.

 

The NAHB sees this low reading for single and multi-family home building starts as another sign that a housing recession is already underway due to ongoing problems with the economy like the supply chain and high construction costs. NAHB Chief Economist Robert Dietz explained, "A housing recession is underway with builder sentiment falling for eight consecutive months while the pace of single-family home building has declined for the last five months."

https://www.nahb.org/news-and-economics/press-releases/2022/08/housing-starts-weaken-in-july-as-market-slowdown-continues