Spending on new-home construction rose to its highest level in nearly five years in July, despite rising mortgage interest rates impacting home affordability.

Spending on private residential construction rose 0.6 percent to a seasonally adjusted annual rate of $334.58 billion — the highest level since September 2008, the Wall Street Journal reported, citing Commerce Department figures.

Residential spending in June was also adjusted up to a 0.4 percent increase from a previously reported 0.1 percent decline, the Journal said.

Source: WSJ

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