Housing Starts Drop Amid Glut of Inventory

housing starts
housing starts

WASHINGTON - Builders broke ground on fewer single-family houses in July, leaving home construction at depressed levels.

The Commerce Department said Tuesday that builders began work on a seasonally adjusted 604,000 homes last month, a 1.5 percent decrease from June. That's half the 1.2 million homes per year that economists say must be built to sustain a healthy housing market.

Single-family homes, which represent 70 percent of home construction, fell 5 percent. Apartment building rose more than 6 percent.