US single-family housing starts fall; building permits lowest in 10 months
U.S. single-family homebuilding fell for a third consecutive month in June 2026, with permits for future construction dropping to the lowest level since August 2025. The decline is driven by elevated mortgage rates, which reached an 11-month high of 6.55% following renewed U.S.-Iran conflict, and a glut of unsold new homes after a poor spring selling season. Rising land and material costs also constrain builders. While a bipartisan housing affordability bill was recently passed, economists say its impact will take time. Overall housing starts rose 19% due to a surge in multi-family projects, but single-family starts slipped 0.2% to 895,000 units annually. The housing sector is expected to remain a drag on GDP growth for coming quarters, though consumer spending and AI-related business investment may offset weakness.
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