By October Housing Starts: Record Number of Housing Units Under Construction
by Calculated Risk on 11/17/2022 09:22:00 AM
Today, in the CalculatedRisk Real Estate Newsletter: October Housing Starts: Record Number of Housing Units Under Construction
Excerpt:
Red is single family units. Currently there are 794 thousand single family units (red) under construction (SA). This is below the previous six months, and 36 thousand below the recent peak in April and May. Single family units under construction have peaked since single family starts are now declining. The reason there are so many homes under construction is probably due to supply constraints.
Blue is for 2+ units. Currently there are 928 thousand multi-family units under construction. This is the highest level since December 1973! For multi-family, construction delays are probably also a factor. The completion of these units should help with rent pressure.
Combined, there are 1.722 million units under construction. This is the all-time record number of units under construction.
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