By Greg Robb
WASHINGTON (MarketWatch) - New construction of U.S. houses retreated in July after a strong gain in the previous month, the Commerce Department estimated Thursday. Starts fell 1.1% in July to a seasonally adjusted annual rate of 746,000 units. Economists surveyed by MarketWatch had expected a slight increase to an annual rate of 765,000 units. Starts jumped a revised 6.8% in June to 754,000 units, the highest since October 2008. The decrease in July was due to fewer starts of new single-family homes. Starts of new single-family homes fell by 6.5% to 502,000 in July, while starts of large apartment units rose 12.4% to 244,000. Building permits rose 6.8% to a seasonally adjusted annual rate of 812,000 in July. This is the highest level since August 2008.
