A record number of residential units under construction

by Calculated risk on 9/20/2022 09:14:00 AM

Today, in the Risk Calculated Real Estate Newsletter: Early August Housing: Record Number of Condominiums Under Construction

Excerpts:

The fourth chart shows housing starts under construction, seasonally adjusted (SA).

Red are single family units. There are currently 812,000 Single Family Units under construction (SA). This is down from the previous four months, and 16,000 less than the peak in April and May. Single family units under construction have reached their peak since single family has started to decline now. The reason there are so many homes under construction is probably due to supply constraints.

Blue color is more than 2 units. There are currently 890,000 multi-family units under construction. This is the highest level since February 1974! For multiple families, construction delays are also likely to be a factor. The completion of these units should help with rental pressure.

Combined, there are 1.702 million units under construction. This is the record for units ever under construction.

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