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Building permits fell and single-family completions hit the lowest pace since 2019
Zillow Research said single-family completions slid to the slowest rate since 2019, even as housing starts rose in August.
Zillow Research reported that housing construction faces rising headwinds, citing a drop in building permits and a decline in single-family completions.
According to the research, single-family completions fell to the lowest pace since 2019 in August, signaling cooling momentum in the single-family segment.
The outlet also said that despite the weaker permit and completion readings, single-family housing starts surged in August.
Overall, Zillow Research characterized the mix of stronger starts and softer downstream activity as a sign that pressure is building for homebuilding going forward.