Rising  home prices are one of the factors  contributing to drag on new construction.

Mike Fratantoni, the Mortgage Bankers Association‘s chief economist reported, “There are now 690,000 single-family homes under construction — the largest number since 2007. This is clearly a positive sign given the remarkably low levels of inventory on the market.”

Pending Home Sales for July 2021 will be released on Monday, August 30, 2021, at 10:00 a.m. Eastern.

Existing-Home Sales for July 2021 will be released on Monday, August 23rd, 2021, at 10:00 a.m. Eastern.

The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly

announced the following new residential construction statistics for July 2021:

NEW RESIDENTIAL CONSTRUCTION JULY 2021

Building Permits: 1,635,000

Housing Starts: 1,534,000

Housing Completions: 1,391,000

Next Release:   September 21, 2021

Seasonally Adjusted Annual Rate (SAAR)

Source:   U.S. Census Bureau, HUD, August 18, 2021

Building Permits

Privately‐owned housing units authorized by building permits in July were at a seasonally adjusted annual rate of   1,635,000.   This is 2.6 percent ( ±0.9 percent) above the revised June rate of 1,594,000 and is 6.0 percent ( ±0.9   percent) above the July 2020 rate of 1,542,000.   Single‐family authorizations in July were at a rate of 1,048,000; this   is 1.7 percent ( ±0.8 percent) below the revised June figure of 1,066,000.   Authorizations of units in buildings with five units or more were at a rate of 532,000 in July.

Housing Starts

Privately‐owned housing starts in July were at a seasonally adjusted annual rate of 1,534,000.   This is 7.0 percent   ( ±8.9 percent)* below the revised June estimate of 1,650,000 but is 2.5 percent ( ±10.9 percent)* above the July 2020 rate of 1,497,000.   Single‐family housing starts in July were at a rate of 1,111,000; this is 4.5 percent ( ±9.9 percent)* below the revised June figure of 1,163,000. The July rate for units in buildings with five units or more was 412,000.

Housing Completions

Privately‐owned housing completions in July were at a seasonally adjusted annual rate of 1,391,000.   This is 5.6percent ( ±16.4 percent)* above the revised June estimate of 1,317,000 and is 3.8 percent ( ±14.4 percent)* above the July 2020 rate of 1,340,000.   Single‐family housing completions in July were at a rate of 954,000; this is 3.6 percent ( ±16.1 percent)* above the revised June rate of 921,000. The July rate for units in buildings with five units or more was 426,000.