WASHINGTON - U.S. housing starts increased to 546,000 at a seasonally adjusted annual rate in July as building permits fell to 565,000, the Commerce Department reported today.
The July building permits level was the lowest since May 2009. Housing starts for June were revised lower to 537,000 from 549,000, the lowest level since October 2009. June building permits were also revised lower to 583,000 from 586,000 reported last month.
Economists expected 560,000 housing starts and 580,000 building permits in July, according to the median estimate from Thomson Reuters.
Building permits fell in every region except in the South. Starts increased in the North and Midwest, but fell in the South and were flat in the West. Single-family units both under construction and authorized fell to their lowest levels since May and April 2009 respectively.
The July inventory of new residential properties under construction fell to a record low for the second consecutive month. The inventory of properties under construction fell to 444,000 following a 449,000 level in June.
For the year ending in July, housing starts fell 7.0% and building permits declined 3.7%.
