{"id":2447,"date":"2021-08-19T17:38:52","date_gmt":"2021-08-19T17:38:52","guid":{"rendered":"https:\/\/preprod.realtrends.com\/blog\/2021\/08\/19\/housing-starts-tumble-in-july-due-to-choked-supply-lines\/"},"modified":"2025-03-13T02:38:55","modified_gmt":"2025-03-13T02:38:55","slug":"housing-starts-tumble-in-july-due-to-choked-supply-lines","status":"publish","type":"post","link":"https:\/\/preprod.realtrends.com\/blog\/2021\/08\/19\/housing-starts-tumble-in-july-due-to-choked-supply-lines\/","title":{"rendered":"Housing starts tumble in July due to choked supply lines"},"content":{"rendered":"\n<p>Housing starts in the U.S. fell 7.0% in July compared to the prior month, an indication that construction supply lines are still choked and near record-high home prices are shutting out scores of buyers. <\/p>\n\n\n\n<p>The <strong>U.S. Commerce Department<\/strong>&#8216;s Census Bureau said housing starts <a href=\"https:\/\/www.census.gov\/construction\/nrc\/\" target=\"_blank\" rel=\"noreferrer noopener\">dropped<\/a> to a seasonally adjusted annual rate of 1.534 million units last month, which was marginally worse than June&#8217;s 1.65 million units. <\/p>\n\n\n\n<p>Economists did find some silver linings in the data, however. <\/p>\n\n\n\n<p>\u201cBoth single-family and multifamily starts declined in July relative to June, but single-family starts remain almost 12% higher than last year,&#8221; said Mike Fratantoni, the <strong>Mortgage Bankers Association<\/strong>&#8216;s chief economist. &#8220;There are now almost 690,000 single-family homes under construction \u2013 the largest number since 2007. This is clearly a positive sign given the remarkably low <a href=\"https:\/\/preprod.housingwire.com\/articles\/how-covid-and-wild-lumber-prices-crippled-homebuilders\/\" target=\"_blank\" rel=\"noreferrer noopener\">levels of inventory<\/a> on the market.&#8221;<\/p>\n\n\n\n<p>Fratantoni noted that permits for single-family homes dropped slightly from June, but were higher than July 2020 and remain higher than the level of starts. \u201cThe pace of construction should continue to increase, particularly if <a href=\"https:\/\/preprod.housingwire.com\/articles\/lumber-and-appliance-woes-still-vexing-homebuilders\/\" target=\"_blank\" rel=\"noreferrer noopener\">supply-chain<\/a> constraints begin to loosen,\u201d he said.<\/p>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-background has-vivid-red-background-color has-vivid-red-color\"\/>\n\n\n\n<p class=\"has-text-align-center\"><a href=\"https:\/\/preprod.housingwire.com\/articles\/3-solutions-to-a-gridlocked-housing-market\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>3 solutions to a gridlocked housing market<\/strong><\/a><\/p>\n\n\n\n<p class=\"has-text-align-center\">Competition for home buyers is tougher than ever right now, as tightened housing stock supply continues to plague the housing market. Here are three ways one lender is working with borrowers in different circumstances, creating opportunities to open up inventory.<\/p>\n\n\n\n<h6 class=\"has-text-align-center wp-block-heading\" id=\"h-presented-by-acra-lending\"><strong>Presented by:<\/strong><strong> Acra Lending<\/strong><\/h6>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-background has-vivid-red-background-color has-vivid-red-color\"\/>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Odeta Kushi, <strong>First American<\/strong>&#8216;s deputy chief economist, pointed to the issuance of single-family permits dropping 1.7% from June as an indicator to watch for. <\/p>\n\n\n\n<p><span style=\"font-size: revert; color: initial;\">\u201cWhile <a href=\"https:\/\/preprod.realtrends.com\/blog\/nar-provides-solutions-to-americas-housing-shortage\/\" target=\"_blank\" rel=\"noreferrer noopener\">single-family\u00a0starts<\/a>\u00a0and permits are above their pre-pandemic pace, the moderation is consistent with builder sentiment,&#8221; she said. &#8220;August&#8217;s homebuilder sentiment fell to its lowest level since July 2020. Yet, it\u2019s important to point out that home builder sentiment is less \u2018bullish\u2019 as opposed to actually \u2018bearish.\u2019 Less bullish sales conditions and prospective buyer traffic may be related to declining affordability in recent months.\u201d<\/span> <\/p>\n\n\n\n<p>Indeed, although lumber prices have fallen from a record high of $1,711 per thousand board feet <a href=\"https:\/\/preprod.housingwire.com\/articles\/homebuilders-prepare-to-restart-delayed-projects\/\" target=\"_blank\" rel=\"noreferrer noopener\">in May<\/a> down to roughly $483 Tuesday, land and labor shortages hamper homebuilders. <\/p>\n\n\n\n<p>&#8220;Limited access to key building supplies has upped prices for materials and translated to higher list prices for would-be homebuyers,&#8221; said <strong>Zillow<\/strong> economist Matthew Speakman. &#8220;Home shoppers remain eager and demand for housing remains strong, but sticker shock may also have prevented some shoppers from committing to a purchase. The supply backlog has also limited homebuilders&#8217; ability to confidently pencil out the finances surrounding potential projects \u2013 a significant constraint for the typically risk-averse industry.&#8221; <\/p>\n\n\n\n<p>Buyer demand remains strong and residential construction workers have increased in 11 of the last 12 months, according to Census data, fundamentals that suggest an uptick in future construction. <\/p>\n\n\n\n<p>Regionally, housing starts increased by 1.6% in the South, were flat in the West, fell 1.5% in the Northeast and dropped 1.1% in the Midwest.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Housing starts fell 7.0% in July, an indication that construction supply lines are still choked and near record-high home prices are shutting out buyers<\/p>\n","protected":false},"author":11941,"featured_media":4822,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3255],"tags":[],"coauthors":[773],"class_list":["post-2447","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-archive"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.4 (Yoast SEO v26.8) - 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Prior to joining TRD, he served as a supervising reporter and editor at NJ Advance Media.","sameAs":["https:\/\/www.linkedin.xn--comjames-kleimann-b20ab212-c22t\/","https:\/\/x.com\/jameskleimann"],"url":"https:\/\/preprod.realtrends.com\/blog\/author\/jkleimann\/"}]}},"jetpack_featured_media_url":"https:\/\/preprod.realtrends.com\/blog\/wp-content\/uploads\/sites\/9\/2025\/03\/9ced5ef4-69ab-4ba7-a7cd-ec49be7b274d.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/preprod.realtrends.com\/blog\/wp-json\/wp\/v2\/posts\/2447","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/preprod.realtrends.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/preprod.realtrends.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/preprod.realtrends.com\/blog\/wp-json\/wp\/v2\/users\/11941"}],"replies":[{"embeddable":true,"href":"https:\/\/preprod.realtrends.com\/blog\/wp-json\/wp\/v2\/comments?post=2447"}],"version-history":[{"count":1,"href":"https:\/\/preprod.realtrends.com\/blog\/wp-json\/wp\/v2\/posts\/2447\/revisions"}],"predecessor-version":[{"id":7201,"href":"https:\/\/preprod.realtrends.com\/blog\/wp-json\/wp\/v2\/posts\/2447\/revisions\/7201"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/preprod.realtrends.com\/blog\/wp-json\/wp\/v2\/media\/4822"}],"wp:attachment":[{"href":"https:\/\/preprod.realtrends.com\/blog\/wp-json\/wp\/v2\/media?parent=2447"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/preprod.realtrends.com\/blog\/wp-json\/wp\/v2\/categories?post=2447"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/preprod.realtrends.com\/blog\/wp-json\/wp\/v2\/tags?post=2447"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/preprod.realtrends.com\/blog\/wp-json\/wp\/v2\/coauthors?post=2447"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}