According to the U.S. Census Bureau, homebuilding across the United States increased 3.9% in July.
The 1.452 million new homes constructed across the month surpassed market expectations of 1.448 million new builds for July.
The number of new homes built also represented a 5.9% increase year-over-year.
Likewise, new single-family housing rose 6.7% from June to July.
