July housing starts drop 1.1%

Housing starts fell to a seasonally adjusted annual rate of 746,000 in July, down 1.1% from the revised June estimate of 754,000, according to the Residential Construction report from the Commerce Department. This is 21.5% above the July 2011 rate of 614,000. 

Single-family housing starts in July were at a rate of 502,000, which is 6.5% below the revised June figure of 537,000. The July rate for units in buildings with five units or more was 229,000.

Housing completions in July were at a seasonally adjusted annual rate of 668,000; this is 7.1% above the revised June estimate of 624,000 and is 5.4% above the July 2011 rate of 634,000.

Single-family housing completions in July were at a rate of 448,000, which is 5.9% below the revised June rate of 476,000. The July rate for units in buildings with five units or more was 209,000.