Today, in the CalculatedRisk Real Estate Newsletter: July Housing Starts: Units Under Construction Declined Slightly
Excerpt: The fourth graph shows housing starts under construction, Seasonally Adjusted (SA).
Red is single family units. Currently there are 816 thousand single family units under construction (SA). This is just below the previous three months, and 12 thousand below the 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 862 thousand multi-family units under construction. This is the highest level since March 1974! For multi-family, construction delays are probably also a factor. The completion of these units should help with rent pressure.
Combined, there are 1.678 million units under construction. This is just below the all-time record set last month of 1.680 million units that were under construction.There is much more in the post. You can subscribe at https://calculatedrisk.substack.com/ (Most content is available for free, so please subscribe).