Housing starts, permits fall in U.S.

WASHINGTON — U.S. housing starts declined unexpectedly by 4.8% from June, for a seasonally adjusted annual rate of 1,155,000 in July. A 10-month low in multi-family residential construction contributed to the drop. Market observers had expected a slight increase of 0.5%. Starts fell in the Northeast, Midwest, and West. Single-family starts, the largest segment of the market fell 0.5% to 856,000 and the volatile multi-family segment slumped 17.1% to 287,000. Building permits dropped 4.1% to a SAAR rate of 1,223 thousand, compared to an estimated 2% decrease.