According to Jin10, U.S. new home construction slowed in July, with single-family housing starts falling to their lowest level since 2022. Government data released on Tuesday showed that housing starts fell 12.4% last month to an annualized 1.24 million units, below the 1.35 million units expected in a survey of institutions. Single-family housing starts dropped 9.9% to an annualized 808,000 units, the lowest since November 2022, while multifamily housing starts fell nearly 17% after a sharp increase in the previous month. The decline in starts suggests the U.S. housing market is struggling to regain momentum. Rising mortgage rates since the outbreak of the Iran war and elevated home prices have continued to curb housing demand, and residential investment in the second quarter contributed to economic growth for the first time since 2024, though only marginally. The outlook for housing starts remains unclear.