HURRICANE BERYL, EXCESS INVENTORY PRESSURE US SINGLE-FAMILY HOMEBUILDING
NEWS Desk Global
U.S. single-family homebuilding dropped to a 16-month low in July, likely weighed down by Hurricane Beryl and an oversupply of new houses as higher mortgage rates and prices depress sales.
The fifth straight monthly decrease in homebuilding announced by the Commerce Department on Friday suggested the housing market remained subdued at the start of the third quarter. A slowing labor market also poses a challenge to the housing market recovery.
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