US housing starts unexpectedly slowed in August, down 2.6% to an annualized 1.28 mln units, one of the weakest readings since the pandemic, government data showed on Thursday. Multifamily starts plunged nearly 22% to an annualized 357k units; single-family starts rose 7.6% to 918k, the fastest monthly gain since March, led by the West and Midwest. Rising mortgage rates and affordability constraints continue to weigh on the market, and housing inventory remains well above pre-pandemic levels, whi

US housing starts unexpectedly slowed in August, down 2.6% to an annualized 1.28 mln units, one of the weakest readings since the pandemic, government data showed on Thursday. Multifamily starts plunged nearly 22% to an annualized 357k units; single-family starts rose 7.6% to 918k, the fastest monthly gain since March, led by the West and Midwest. Rising mortgage rates and affordability constraints continue to weigh on the market, and housing inventory remains well above pre-pandemic levels, which may keep builders from accelerating new construction.