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New Home Construction In The Midwest Slows In July But Still Up YTD From Last Year

St Louis New HomesNew home construction in the midwest region of the U.S.  occurred at a, seasonally-adjusted, annual rate of 112,000 homes in July, down 2.6% from the month before and down 6.7% from July 2015 when the rate of new home starts in the midwest was at 115,000 homes, according to a report released by the U.S. Department of Commerce.  In terms of actual (as opposed to seasonally-adjusted annual rates) new home starts, year to date there have been 69,100 new homes started, an increase of 15% from the same time last year when there were 60,000 new homes started.

On a national level, in July 2016, construction was started on new homes at a seasonally-adjusted, annual, rate of  770,000 homes, the highest rate since February 2016 when it was 845,000, just about the same rate as in June and up 1.3% from July 2015 when the rate was 760,000 homes.

 

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