In July 2025, Canadian housing starts reached 294,085 units, surpassing the estimated 265,000 and the previous month's 283,700. In the United States, privately owned single-family housing starts increased by 2.8% to a seasonally adjusted annual rate of 939,000 units. Multifamily housing starts, defined as buildings with at least five units, rose 11.6% to 470,000. Despite the increase in housing starts, building permits in the U.S. declined by 2.8% from June to a rate of 1.354 million units and were 5.7% below the July 2024 rate of 1.436 million. Year-over-year growth in U.S. housing starts was 12.9%, with multifamily starts up 10% and single-family starts up 2.8%. However, the trend for building permits remains negative and worsened in July. The spread between homes completed and those under construction increased, aligning broadly with pre-pandemic averages. National home price growth across major indices ranged from 0.2% to 2.8% year-over-year. The S&P 500 Homebuilding Industry has strengthened relative to the broader market recently, while the NAHB Builders Market Index has continued to decline this year.