July Housing Starts Up 5.2% from June and 12.9% YOY

Washington, DC, August 19, 2025-Privately-owned housing starts in July were at a seasonally adjusted annual rate of 1,428,000, 5.2% above the revised June estimate of 1,358,000 and is 12.9% above the July 2024 rate of 1,265,000, according to the U.S. Census Bureau. Single-family housing starts in July were at a rate of 939,000; this is 2.8% above the revised June figure of 913,000. The July rate for units in buildings with five units or more was 470,000.

Privately-owned housing units authorized by building permits in July were at a seasonally adjusted annual rate of 1,354,000. This is 2.8% below the revised June rate of 1,393,000 and is 5.7% below the July 2024 rate of 1,436,000. Single-family authorizations in July were at a rate of 870,000; this is 0.5% above the revised June figure of 866,000. Authorizations of units in buildings with five units or more were at a rate of 430,000 in July.

Privately-owned housing completions in July were at a seasonally adjusted annual rate of 1,415,000. This is 6.0% above the revised June estimate of 1,335,000 but is 13.5% below the July 2024 rate of 1,635,000. Single-family housing completions in July were at a rate of 1,022,000; this is 11.6% above the revised June rate of 916,000. The July rate for units in buildings with five units or more was 385,000.

Says Truist, “Housing starts came in well above views on seasonally adjusted annual numbers. Unadjusted numbers saw starts up 7% but off a very easy comp and were clearly helped by weather and unadjusted permits remain weak. Multi-family continues to bottom however as starts were positive and are after several depressed years. Completions however were weak across the board. The severity of a new leg down in single family construction in 2026 is still to be determined but rate/affordability relief is needed.”