The seasonally adjusted rate of new building permits also fell sharply, to 998,000, down 5.6% from the upwardly revised July rate of 1.057 million but 5.3% above the August 2013 rate of 948,000. The consensus estimate called for a rise to 1.055 million permits in August.
Single-family housing starts slipped to an annualized rate of 643,000 in August, down 2.4% from the upwardly revised July rate of 659,000.
Permits for new single-family homes fell 0.8% in August to an adjusted annual rate of 626,000 from a downwardly revised total of 631,000 in July.
Multifamily starts, for buildings with five or more units, a more volatile number than single-family starts, rose 17.5% year-over-year in August.
ALSO READ: Homebuilder Confidence at 9-Year High
Are You Ahead, or Behind on Retirement? (sponsor)
If you’re one of the over 4 Million Americans set to retire this year, you may want to pay attention. Many people have worked their whole lives preparing to retire without ever knowing the answer to the most important question: am I ahead, or behind on my goals?
Don’t make the same mistake. It’s an easy question to answer. A quick conversation with a financial advisor can help you unpack your savings, spending, and goals for your money. With Zoe Financial’s free matching tool, you can connect with trusted financial advisors in minutes.
Why wait? Click here to get started today!
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
