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US Housing Cools Further With Fewer Starts, More Canceled Deals

  • Construction starts decline to weakest pace since early 2021
  • More deals fall through; Home Depot sees fewer transactions
Contractors build the framing of a roof on a house under construction in Louisville, Kentucky.

Contractors build the framing of a roof on a house under construction in Louisville, Kentucky.

Photographer: Luke Sharrett/Bloomberg
Updated on

The once-booming US housing market is sputtering.

Construction starts fell in July to the slowest pace since early 2021 as single-family homebuilding tumbled, according to government data released Tuesday. Meanwhile canceled deals rose as buyers continued to back away from the market amid rising mortgage rates, according to an analysis by Redfin Corp.