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Housing <br />0 <br />200 <br />400 <br />600 <br />800 <br />1,000 <br />1,200 <br />1,400 <br />1,600 <br />1,800 <br />2,000 <br />2,200 <br />2,400 <br />In Thousands of UnitsAnnualized Housing Starts <br />Multi Family Housing Starts <br />Single Family Housing Starts <br />Starts of new homes increased 3.9%to 1.452 million units at a seasonally adjusted annual rate in July after a downward revision to 1.398 <br />million units in June. The gain was entirely attributable to a rise of 6.7%in single-family home starts. Starts of multi-unit homes had been <br />the main driver of homebuilding in the second half of 2022 and early 2023 but have begun to wane. Total starts of new homes are up <br />5.9%year-over-year.Homebuilders continue to see demand while the supply of existing homes for sale remains limited.According to <br />Freddie Mac,a 30-year fixed rate mortgage averaged 7.18%as of August 31st.According to the Case-Shiller 20-City Home Price Index, <br />housing prices dropped 1.2%year-over-year in June, improving from a 1.7%decline in May.Tight inventories and higher mortgage rates <br />continue to impact affordability. <br />Source: US Department of Commerce Source: S&P <br />-20.0% <br />-16.0% <br />-12.0% <br />-8.0% <br />-4.0% <br />0.0% <br />4.0% <br />8.0% <br />12.0% <br />16.0% <br />20.0% <br />24.0% <br />S&P/Case -Shiller 20 City Composite Home Price Index <br />RecessionYOY (%) Change9