Less ground was broken for new homes and apartment complexes last month, The New York Times reports. But the rate is still on pace for recovery.
The number of housing starts fell by 3 percent to a seasonally adjusted annual rate of 1.13 million homes, data from the Commerce Department revealed. Broken down by region, activity slowed most in the Northeast and Midwest, followed by a smaller dip in the West, and climbed in the south.
About the dip, the Associated Press says that it is “a possible sign that the housing market may be leveling off after accelerating for much of the year.”
Despite fewer housing starts in August, homebuilding is still much stronger than a year ago.