June Housing Starts: All-Time Record Housing Units Under Construction

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by Calculated Risk on 7/19/2022 09:17:00 AM

Today, in the CalculatedRisk Real Estate Newsletter: June Housing Starts: All-Time Record Housing Units Under Construction


The fourth graph shows housing starts under construction, Seasonally Adjusted (SA).

Red is single family units. Currently there are 824 thousand single family units under construction (SA). This is just below the previous two months, and otherwise is the highest level since November 2006. Single family units under construction might 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 856 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 a record 1.680 million units under construction. This is above the previous record of 1.628 million units that were under construction in 1973 (mostly apartments in 1973 for the baby boom generation).

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