By Greg Robb
WASHINGTON (MarketWatch) - New construction of U.S. houses increased slightly in July but the drop in the prior two months was steeper than previously estimated, the Commerce Department estimated Friday. Starts rose 1.7% in July to a seasonally adjusted 546,000 annualized units, weaker than the 555,000 pace expected by economists surveyed by MarketWatch. Starts in June were revised down to a 537,000 rate compared with prior estimate of 549,000. Starts of new single-family homes fell by 4.2% to 432,000 in July, while starts of large apartment units rose 32.6% to 114,000. Building permits, a leading indicator of housing construction, fell 3.1% to a seasonally adjusted annual rate of 565,000. This is the lowest level of permits since May 2009.
