Private residential construction spending fell further in July, marking its fourth consecutive monthly decline. According to the latest construction spending data from the U.S. Census Bureau, private residential construction spending stood at a seasonally adjusted annual rate (SAAR) of $859.0 billion in July, down 1.3% from the revised June estimate and down 7.3% from a year earlier. The July decrease was driven entirely by the single-family construction, the only residential category to post a monthly decrease. Single-family construction spending fell 3.2%, consistent with the continued weakness in builder sentiment reflected in the NAHB/Wells Fargo Housing Market Index (HMI). On a yearly basis, single-family spending was down 6.5%. Multifamily construction spending edged up by 0.2% from June but remained 0.9% below the previous year. Spending on improvement (remodeling) also saw a modest increase of 0.3% over the month but declined 10.2% over the year.