Housing Starts in July Better Than Expected at 604,000
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Data from the Commerce Department Tuesday showed the number of homes which began construction in July slipped about 9,000 from June to 604,000 units. With the July report, the Department revised its June reading from 629,000 to 613,000 homes.
Economists had been looking for housing starts to total 600,000 even for the month of July.
On a month-over-month basis, housing starts fell about 1.5 percent, better than a 4.6 percent decline expected by the Street.
Building permits, a solid indicator for future housing starts, fell more than expected to 597,000 during July. Economists had been looking for a 1.9 percent decline to around 605,000.
The building permits reading for the month of June was revised lower from 624,000 to 617,000.
The SPDR S&P Homebuilders ETF is down 0.82 percent Tuesday afternoon.
The Street will get a reading on existing home sales Thursday of this week, and a reading on new home sales on Tuesday of next week. Economists are currently expecting existing home sales for July to climb nearly 3 percent to around 4.9 million, while new home sales are expected to be up 1 percent to 315,000.
Economists had been looking for housing starts to total 600,000 even for the month of July.
On a month-over-month basis, housing starts fell about 1.5 percent, better than a 4.6 percent decline expected by the Street.
Building permits, a solid indicator for future housing starts, fell more than expected to 597,000 during July. Economists had been looking for a 1.9 percent decline to around 605,000.
The building permits reading for the month of June was revised lower from 624,000 to 617,000.
The SPDR S&P Homebuilders ETF is down 0.82 percent Tuesday afternoon.
The Street will get a reading on existing home sales Thursday of this week, and a reading on new home sales on Tuesday of next week. Economists are currently expecting existing home sales for July to climb nearly 3 percent to around 4.9 million, while new home sales are expected to be up 1 percent to 315,000.
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