Absorption of New Multifamily Units Rises as Completions Near 100K in Second Quarter of 2023

2023-11-28T09:19:11-06:00

By Jesse Wade on November 28, 2023 • The most recent release of the Census Bureaus’ Survey of Market Absorption of New Multifamily Units (SOMA) reported that of the 99,290 unfurnished, unsubsidized apartments completed in the second quarter of 2023, 65% were absorbed into the market in the first three months following completion. 83% of 3,467 condominiums completed in the second quarter were absorbed within the first three months following completion. With over an estimated one million multifamily units currently under construction, the level of completed apartments rose to its highest level in the second quarter of 2023 according to SOMA. The number of completions in the second quarter was at 99,290, which is 29.6% higher than the second quarter of 2022 and 19.6% higher than the first quarter of 2023. The percent of apartments absorbed within three months following completion, was at a non-seasonally adjusted rate of 65%, higher than the 2023 first quarter absorption rate by eight percentage points while seven percentage points less than the second quarter of 2022. As the absorption rate is non-seasonally adjusted, the absorption rate likely seasonally peaked for apartments during the second quarter. Looking ahead, apartment completions will continue to set record highs as a new units roll out onto the market. This will help slow rent growth, which has been a significant contributor to inflation. The rent data reported from SOMA shows two consecutive quarters of asking rent declines for newly completed apartments, with $1,763 being the median asking rent in the second quarter of 2023. Condominiums completed in the second quarter of 2023 stood at 3,467, which is 32.6% lower than the number of condos completed in the second quarter of 2022. The percent of these condo purchases within three months following completion stood at 83%, the third consecutive quarter where newly completed condos were absorbed into the market at a rate of 80%. The listed sales price of new condos was at a median of $532,200 in the second quarter, down 26.7% from one year ago. ‹ No Change for Multifamily Missing Middle ConstructionTags: Absorption Rate, multifamily, SOMA

Absorption of New Multifamily Units Rises as Completions Near 100K in Second Quarter of 20232023-11-28T09:19:11-06:00

No Change for Multifamily Missing Middle Construction

2023-11-28T08:15:02-06:00

By Robert Dietz on November 28, 2023 • The missing middle construction sector includes development of medium-density housing, such as townhouses, duplexes and other small multifamily properties. The multifamily segment of the missing middle (apartments in 2- to 4-unit properties) has disappointed since the Great Recession. For the third quarter of 2023, there were just 3,000 2- to 4-unit housing unit construction starts. This is down from a year prior. As a share of all multifamily production, 2- to 4-unit development was just above 3% of the total for the third quarter. In contrast, from 2000 to 2010, such home construction made up a little less than 11% of total multifamily construction. Construction of the missing middle has clearly lagged during the post-Great Recession period and will continue to do so without zoning reform focused on light-touch density. ‹ New Home Sales Weaken in OctoberTags: economics, home building, missing middle, multifamily, starts

No Change for Multifamily Missing Middle Construction2023-11-28T08:15:02-06:00

Multifamily Built-for-Rent Remains Elevated

2023-11-27T08:18:45-06:00

By Robert Dietz on November 27, 2023 • According to NAHB analysis of quarterly Census data, the count of multifamily, for-rent housing starts remained elevated during the third quarter of 2023. For the quarter, 104,000 multifamily residences started construction. Of this total, 101,000 were built-for-rent. The market share of rental units of multifamily construction starts was near an all-time high of 98% for the third quarter as the already small condo market remained held back due to higher interest rates. In contrast, the historical low share of 47% was set during the third quarter of 2005, during the condo building boom. An average share of 80% was registered during the 1980-2002 period. For the third quarter, there were just 3,000 multifamily condo construction starts. An elevated rental share of multifamily construction is holding typical apartment size below levels seen during the pre-Great Recession period. According to third quarter 2023 data, the average square footage of multifamily construction starts moved down to 1,032. The median declined to 979 square feet. ‹ Home Size Trending LowerTags: economics, home building, housing, mfbfr, multifamily, multifamily size

Multifamily Built-for-Rent Remains Elevated2023-11-27T08:18:45-06:00

Multifamily Developer Confidence Comes in Weak in Third Quarter on Financing Concerns

2023-11-16T10:24:35-06:00

Confidence in the market for new multifamily housing was in negative territory for the third quarter, according to results from the Multifamily Market Survey (MMS) released today by the National Association of Home Builders (NAHB).  The MMS produces two separate indices. The Multifamily Production Index (MPI) had a reading of 38 – well below the break-even point of 50 – for the third quarter while the Multifamily Occupancy Index (MOI) reading was 82. The relatively weak MPI is consistent with the declining production levels seen in 2023 so far and NAHB’s projection that they will be somewhat lower still in 2024.  Surveys by both NAHB and the Fed indicate that cost and availability of credit for builders and developers has become a major headwind for new construction.  High operating costs are creating problems for existing properties, especially affordable properties, and the cost and reduced availability of credit is making it difficult to finance new projects The MPI is a weighted average of four key market segments: three in the built-for-rent market (garden/low-rise, mid/high-rise and subsidized) and the built-for-sale (or condominium) market.  The survey asks multifamily builders to rate the current conditions as “good,” “fair, or “poor” for multifamily starts in markets where they are active.  The index and all its components are scaled so that a number above 50 indicates that more respondents report conditions are good than report conditions are poor.  In the third quarter, sentiment about production of mid/high-rise apartments was weaker than the other market segments. The component measuring garden/low-rise units had a reading of 45, the component measuring mid/high-rise units had a reading of 28, the component measuring subsidized units had a reading of 39 and the component measuring built-for-sale units had a reading of 32 (Figure 1). The MOI is a weighted average of three built-for-rent market segments (garden/low-rise, mid/high-rise and subsidized).  The survey asks multifamily builders to rate the current conditions for occupancy of existing rental apartments in markets where they are active as “good,” “fair” or “poor”.  Similar in nature to MPI, the index and all its components are scaled so that a number above 50 indicates more respondents report that occupancy is good than report it is poor.  For the third quarter, the component measuring garden/low-rise units had a reading of 84, the component measuring mid/high-rise units had a reading of 74 and the component measuring subsidized units had a reading of 89 (Figure 2). Because the previous version of the MMS series can no longer be used to compare with this quarter’s results, the redesigned tool asked builders and developers to compare market conditions in their areas to three months earlier, using a “better,” “about the same” or “worse” scale.  In answering that question, 33% of multifamily developers said overall market conditions for multifamily were worse in the third quarter, compared to only 5% who said it was better (Figure 3). Please visit NAHB’s MMS web page for the full report. Related ‹ Builder Sentiment Down Again, but Better Building Conditions are in ViewTags: MMS, MOI, mpi, multifamily, multifamily market, multifamily market survey, multifamily occupancy index, multifamily production index, Multifamily starts, Occupancy Rates

Multifamily Developer Confidence Comes in Weak in Third Quarter on Financing Concerns2023-11-16T10:24:35-06:00

Single-Family Permits Down in September 2023

2023-11-15T09:18:56-06:00

Over the first nine months of 2023, the total number of single-family permits issued year-to-date (YTD) nationwide reached 693,908. On a year-over-year (YoY) basis, this is 13.3% below the September 2022 level of 800,424. Year-to-date ending in September, single-family permits declined in all four regions. The range of permit decline spanned 10.8% in the Northeast to 19.3% in the West. The South declined by 11.3% and the Midwest declined by 13.3% in single-family permits during this time. For multifamily permits, the percentage decline spanned 11.4% in the South region to 29.9% in the Northeast. The West declined by 15.3% and the Midwest declined by 20.1% in multifamily permits during this time. Between September 2022 YTD and September 2023 YTD, except for Hawaii (+16.9%) and Maryland (+6.4%), all the other states and the District of Columbia reported declines in single-family permits. The range of declines spanned 4.1% in New Hampshire to 49.2% in Alaska. The ten states issuing the highest number of single-family permits combined accounted for 63.9% of the total single-family permits issued. Texas, the state with the highest number of single-family permits issued, declined 14.3% in the past 12 months while the next two highest states, Florida and North Carolina declined by 12.0% and 5.5% respectively. Year-to-date, ending in September, the total number of multifamily permits issued nationwide reached 433,862. This is 16.1% below the September 2022 level of 516,955. Between September 2022 YTD and September 2023 YTD, 15 states recorded growth, while 35 states and the District of Columbia recorded a decline in multifamily permits. Delaware (+141.3%) led the way with a sharp rise in multifamily permits from 240 to 579 while Wyoming had the largest decline of 74.9% from 566 to 142. The ten states issuing the highest number of multifamily permits combined accounted for 64.0% of the multifamily permits issued. Texas, the state with the highest number of multifamily permits issued, declined 20.6% in the past 12 months while the next two highest states, Florida declined by 6.1% and California increased by 0.2%. At the local level, below are the top ten metro areas that issued the highest number of single-family permits. Top 10 Largest SF Markets Sep-23 (# of units YTD, NSA) YTD % Change (compared to Sep-22) Houston-The Woodlands-Sugar Land, TX                                           39,007 -1% Dallas-Fort Worth-Arlington, TX                                           31,938 -12% Atlanta-Sandy Springs-Roswell, GA                                           18,734 -14% Phoenix-Mesa-Scottsdale, AZ                                           18,145 -22% Charlotte-Concord-Gastonia, NC-SC                                           14,686 -5% Orlando-Kissimmee-Sanford, FL                                           13,321 2% Austin-Round Rock, TX                                           13,001 -29% Nashville-Davidson–Murfreesboro–Franklin, TN                                           11,033 -14% Tampa-St. Petersburg-Clearwater, FL                                           10,904 -14% Jacksonville, FL                                             9,707 -15% For multifamily permits, below are the top ten local areas that issued the highest number of permits. Top 10 Largest MF Markets Sep-23 (# of units YTD, NSA) YTD % Change (compared to Sep-22) New York-Newark-Jersey City, NY-NJ-PA                                           22,707 -42% Dallas-Fort Worth-Arlington, TX                                           18,725 -22% Austin-Round Rock, TX                                           16,008 -14% Houston-The Woodlands-Sugar Land, TX                                           15,277 -27% Phoenix-Mesa-Scottsdale, AZ                                           15,192 10% Los Angeles-Long Beach-Anaheim, CA                                           15,179 -5% Miami-Fort Lauderdale-West Palm Beach, FL                                           14,025 33% Atlanta-Sandy Springs-Roswell, GA                                           12,229 -18% Washington-Arlington-Alexandria, DC-VA-MD-WV                                             9,422 -39% Seattle-Tacoma-Bellevue, WA                                             8,557 -44% Related ‹ Inflation Cools While Shelter Costs Remain HighTags: home building, multifamily, single-family, state and local markets, state permits

Single-Family Permits Down in September 20232023-11-15T09:18:56-06:00

Single-Family Permits Decline in August 2023

2023-10-16T08:35:49-05:00

Over the first eight months of 2023, the total number of single-family permits issued year-to-date (YTD) nationwide reached 615,453. On a year-over-year (YoY) basis, this is 15.6% below the August 2022 level of 728,866. Year-to-date ending in August, single-family permits declined in all four regions. The range of permit decline spanned 10.7% in the Northeast to 21.7% in the West. The South declined by 13.7% and the Midwest declined by 15.4% in single-family permits during this time. For multifamily permits, the percentage decline spanned 8.1% in the South region to 29.1% in the Northeast. The West declined by 12.9% and the Midwest declined by 18.3% in multifamily permits during this time. Between August 2022 YTD and August 2023 YTD, except for Hawaii (+16.8%) and Maryland (+5.2%), all the other states and the District of Columbia reported declines in single-family permits. The range of declines spanned 4.8% in New Jersey to 50.0% in Alaska. The ten states issuing the highest number of single-family permits combined accounted for 63.9% of the total single-family permits issued. Texas, the state with the highest number of single-family permits issued, declined 16.7% in the past 12 months while the next two highest states, Florida and North Carolina declined by 15.8% and 8.8% respectively. Year-to-date, ending in August, the total number of multifamily permits issued nationwide reached 394,257. This is 13.6% below the August 2022 level of 456,244. Between August 2022 YTD and August 2023 YTD, 16 states recorded growth, while 34 states and the District of Columbia recorded a decline in multifamily permits. Delaware (+145.5%) led the way with a sharp rise in multifamily permits from 1220 to 540 while Wyoming had the largest decline of 75.9% from 519 to 125. The ten states issuing the highest number of multifamily permits combined accounted for 64.1% of the multifamily permits issued. Texas, the state with the highest number of multifamily permits issued, declined 19.3% in the past 12 months while the next two highest states, Florida declined by 0.8% and California increased by 7.1%. At the local level, below are the top ten metro areas that issued the highest number of single-family permits. Top 10 Largest SF Markets Aug-23 (# of units YTD, NSA) YTD % Change (compared to Aug-22) Houston-The Woodlands-Sugar Land, TX                                         34,841 -3% Dallas-Fort Worth-Arlington, TX                                         28,282 -15% Atlanta-Sandy Springs-Roswell, GA                                         16,894 -14% Phoenix-Mesa-Scottsdale, AZ                                         15,889 -27% Charlotte-Concord-Gastonia, NC-SC                                         12,956 -9% Orlando-Kissimmee-Sanford, FL                                         11,734 -3% Austin-Round Rock, TX                                         10,925 -35% Nashville-Davidson–Murfreesboro–Franklin, TN                                           9,897 -14% Tampa-St. Petersburg-Clearwater, FL                                           9,578 -17% Raleigh, NC                                           8,726 -8% For multifamily permits, below are the top ten local areas that issued the highest number of permits.  Top 10 Largest MF Markets Aug-23 (# of units YTD, NSA) YTD % Change (compared to Aug-22) New York-Newark-Jersey City, NY-NJ-PA                                         21,605 -40% Dallas-Fort Worth-Arlington, TX                                         17,291 -23% Houston-The Woodlands-Sugar Land, TX                                         14,057 -22% Austin-Round Rock, TX                                         13,999 -18% Los Angeles-Long Beach-Anaheim, CA                                         13,324 -1% Phoenix-Mesa-Scottsdale, AZ                                         12,688 4% Miami-Fort Lauderdale-West Palm Beach, FL                                         12,685 41% Atlanta-Sandy Springs-Roswell, GA                                         11,583 -12% Washington-Arlington-Alexandria, DC-VA-MD-WV                                           8,669 -31% Nashville-Davidson–Murfreesboro–Franklin, TN                                           8,388 191% Related ‹ Building Materials Price Inflation Cools in SeptemberTags: home building, multifamily, single-family, state and local markets, state permits

Single-Family Permits Decline in August 20232023-10-16T08:35:49-05:00

Multifamily Completed in 2022: Primarily Built-For-Rent and High-Density Buildings

2023-10-04T08:17:42-05:00

NAHB Analysis of the Census Bureau’s Characteristics of Units in New Multifamily Buildings Completed finds that 93% of the 368,000 multifamily units completed in 2022 were built-for-rent while the remaining 7% were built-for-sale. The share of new multifamily units that are built-for-sale has remained below 10% since 2011 when the share was 12%. 2011 was also the same year that the number of multifamily units completed bottomed out at 138,000 before increasing over the next six years. Since 2011, the share of multifamily units built-for-rent has averaged 93%. This is higher than the previous 12-year period from 1999-2010 where the share of new multifamily units completed built-for-rent averaged only 74% of new units. The share of completed multifamily units built-for-rent was at its minimum in 2007 at 60%. While the number of multifamily units being completed is at a level higher than pre-Great Recession completions, the type of building where units are located is vastly different than past construction. In 2022, 58% of completed multifamily units built-for-rent were in buildings that had 50 units or more. This has been a trend since 2017 where over 50% of completed multifamily units built-for-rent each year have been in buildings with 50 or more units. The percentage of built-for-rent units completed that were in buildings with 50 or more units in 1999 was just a mere 13%. Buildings with between 30 to 49 units was the only other type to increase its percentage of completed built-for-rent units from 9% of all units in 1999 to 14% in 2022. The largest decrease in the percentage of completed built-for-rent units between 1999-2022 was in buildings with 10 to 19 units, which saw its percentage drop 21 percentage points from 27% in 1999 to 6% in 2022. Buildings with under 10 units completed 25% of built-for-rent units in 1999, by 2022 this was only 5%. There is a clear trend that multifamily built-for-rent has been increasingly focused on high-density over the past 20-years while the medium to light density has been reduced greatly. The missing middle of the multifamily market continues to be an issue as medium to light density buildings are not being built at the same rate as in previous decades. Built-for-sale units vary from the built-for-rent units by the type of building in which they are located. 40% of built-for-sale units were completed in buildings with 50 or more units in 2022, matching the built-for-rent market as the largest share of multifamily completions. Buildings with 30 to 49 units and 20 to 29 units both had 9% of all built-for-sale units. 20% of completions, the second highest percentage share of built-for-sale units, were in buildings with 10 to 19 units. Unlike the built-for-rent market, 22% of built-for-sale units were built in buildings with less than 10 units. Across the four Census Regions, a majority multifamily units completed in 2022 were in buildings with 50 or more units. This is consistent with 2021 completions by region. The Northeast region saw an increase in completions in buildings with less than 50 units from 19,000 in 2021 to 20,000; buildings with 50+ units also increased from 31,000 to 36,000. In the Midwest region multifamily buildings with less than 50 units increased the number of units completed from 21,000 to 23,000 but saw no change in the number of units completed in buildings with at least 50 units at 38,000. The South region was the only among the four to see a decrease in the number of units completed in the region with the number of units completed in buildings with less than 50 units falling from 83,000 to 76,000 and the number of units completed in buildings with 50 or more units falling from 97,000 to 78,000. The West region had the largest increase in the number of units completed for both types of buildings with the number of units completed in buildings with less than 50 units increasing from 34,000 in 2021 to 43,000 in 2022 and the number of units completed in buildings with 50 or more units increasing from 48,000 to 55,000. Related ‹ Growing Job Openings Leading to Higher Interest RatesTags: multifamily, multifamily built for rent, multifamily built for sale, multifamily completions, multifamily completions by building size, multifamily construction

Multifamily Completed in 2022: Primarily Built-For-Rent and High-Density Buildings2023-10-04T08:17:42-05:00

Market Share for Modular and Other Non-Site Built Housing in 2022

2023-09-22T08:38:28-05:00

The total market share of non-site built single-family homes (modular and panelized) was just 2% of single-family homes in 2022, according to completion data from the Census Bureau Survey of Construction data and NAHB analysis. This share has been steadily declining since the early-2000s despite the high-level of interest for non-site built construction. This low market share in fact runs counter to some media commentary on off-site construction, which nonetheless holds potential for market share gains in the years ahead. In 2022, there were 26,000 total single-family units built using modular (12,000) and panelized/pre-cut (14,000) construction methods, out of a total of 1.02 million single-family homes completed. While the market share is small, there exists potential for expansion. This 2% market share for 2022 represents a decline from years prior to the Great Recession. In 1998, 7% of single-family completions were modular (4%) or panelized (3%). This marked the largest share for the 1992-2022 period. One notable regional concentration is found in the Northeast and Midwest. In the Northeast, 7% (3,000 homes) of the region’s 60,000 housing units were completed using non-site build construction methods, the highest share in the country. In the Midwest, 6% (7,000 homes) of the region’s 137,000 housing units were completed using non-site build construction methods. With respect to multifamily construction, approximately 2% of multifamily buildings (properties, not units) were built using panelized methods. Similar to single-family construction, this market share was expected to grow, but the expected gains did not materialize due to various constraints in the industry. In the year 2000 and 2011, 5% of multifamily buildings were constructed with modular (1%) or panelized construction methods (4%). Related ‹ Existing Home Sales Hit 7-Month Low as Prices Keep RisingTags: economics, home building, housing, modular, multifamily, panelized, single-family, SOC, systems built

Market Share for Modular and Other Non-Site Built Housing in 20222023-09-22T08:38:28-05:00

One More Fed Rate Hike in 2023?

2023-09-20T18:21:07-05:00

By Robert Dietz on September 20, 2023 • The Federal Reserve’s monetary policy committee held the federal funds rate at a top target rate of 5.5% at the conclusion of its September meeting. The Fed will also continue to reduce its balance sheet holdings of Treasuries and mortgage-backed securities as part of quantitative tightening. These actions are intended to slow the economy and bring inflation back to 2%. After an increase in rates in July, the pause for September will likely be temporary. Indeed, the Fed maintained a hawkish bias by noting: “additional policy firming may be appropriate to return inflation to 2 percent over time.” The Fed’s dot-plot projections imply one more 25 basis point increase in 2023 (presumably in November), which would be the last increase for this cycle. Then the Fed will hold this higher rate for longer – with the Fed’s projections suggesting no rate cuts until the second half of 2024. And as a revision, the Fed’s projections suggest only two rate cuts for 2024. And during that time, quantitative tightening will continue, keeping the spread between the 10-year Treasury and the 30-year fixed rate mortgage elevated. It is currently near 300 basis points. The Fed faces competing risks: elevated but trending lower inflation combined with ongoing risks to the banking system and macroeconomic slowing. Chair Powell has previously noted that near-term uncertainty is high due to these risks. Nonetheless, economic data remains better than expected. The Fed stated today: “economic activity has been expanding at a solid pace,” and that “job gains have slowed but remain strong, the unemployment rate has remained low.” Despite this positive assessment from the Fed, there are ongoing challenges for regional banks, as well weakness for commercial real estate. Going from near zero to 5.5% on the federal funds rate is a dramatic policy move with possible unintended consequences. More caution seems prudent. In fact, prior risks for smaller banks will result in tighter credit conditions, which will slow the economy and reduce inflation. Thus, these financial challenges act as additional surrogate rate hikes in terms of tightening credit availability, doing some of the work for the Fed. The 10-year Treasury rate, which determines in part mortgage rates, increased to near 4.4% upon the Fed announcement. Mortgage rates will remain above 7% range, which is currently home builder sentiment. Related ‹ Housing Starts Lower on Rising Mortgage RatesTags: FOMC, home building, housing, interest rates, multifamily, single-family

One More Fed Rate Hike in 2023?2023-09-20T18:21:07-05:00

Single-Family Permits Decline in July 2023

2023-09-15T09:16:54-05:00

Over the first seven months of 2023, the total number of single-family permits issued year-to-date (YTD) nationwide reached 527,158. On a year-over-year (YoY) basis, this is 18.4% below the July 2022 level of 645,877. Year-to-date ending in July, single-family permits declined in all four regions. The Northeast posted the lowest decline of 12.1%, while the West region reported the steepest decline of 25.1%. The South declined by 16.5% and the Midwest declined by 18.0% in single-family permits during this time. For multifamily permits, the South region posted a modest decline of 7.5% while the West declined by 14.1%, the Midwest declined by 20.8%, and the Northeast declined by 31.2%. Between July 2022 YTD and July 2023 YTD, except for Hawaii (+16.1%), all the other states and the District of Columbia reported declines in single-family permits. The range of declines spanned 1.5% in Maryland to 49.3% in Alaska. The ten states issuing the highest number of single-family permits combined accounted for 63.9% of the total single-family permits issued. Texas, the state with the highest number of single-family permits issued, declined 20.3% in the past 12 months while the next two highest states, Florida and North Carolina declined by 18.8% and 10.3% respectively. Year-to-date, ending in July, the total number of multifamily permits issued nationwide reached 337,730. This is 14.3% below the July 2022 level of 394,215. Between July 2022 YTD and July 2023 YTD, 16 states recorded growth, while 34 states and the District of Columbia recorded a decline in multifamily permits. Rhode Island (+150.0%) led the way with a sharp rise in multifamily permits from 126 to 315 while Wyoming had the largest decline of 63.6% from 302 to 110. The ten states issuing the highest number of multifamily permits combined accounted for 64.8% of the multifamily permits issued. Texas, the state with the highest number of multifamily permits issued, declined 19.3% in the past 12 months while the next two highest states, Florida declined by 2.9% and California increased by 4.5%. At the local level, below are the top ten metro areas that issued the highest number of single-family permits. Top 10 Largest SF Markets July-23 (# of units YTD, NSA) YTD % Change(compared to July-22) Houston-The Woodlands-Sugar Land, TX                                         29,687 -8% Dallas-Fort Worth-Arlington, TX                                         24,088 -19% Atlanta-Sandy Springs-Roswell, GA                                         14,417 -14% Phoenix-Mesa-Scottsdale, AZ                                         13,302 -33% Charlotte-Concord-Gastonia, NC-SC                                         11,174 -13% Orlando-Kissimmee-Sanford, FL                                         10,020 -9% Austin-Round Rock, TX                                           9,202 -39% Nashville-Davidson–Murfreesboro–Franklin, TN                                           8,669 -17% Tampa-St. Petersburg-Clearwater, FL                                           8,050 -22% Raleigh, NC                                           7,639 -10% For multifamily permits, below are the top ten local areas that issued the highest number of permits.  Top 10 Largest MF Markets July-23 (# of units YTD, NSA) YTD % Change(compared to July-22) New York-Newark-Jersey City, NY-NJ-PA                                         17,802 -43% Dallas-Fort Worth-Arlington, TX                                         15,567 -23% Houston-The Woodlands-Sugar Land, TX                                         11,897 -22% Phoenix-Mesa-Scottsdale, AZ                                         11,608 7% Los Angeles-Long Beach-Anaheim, CA                                         10,925 -5% Austin-Round Rock, TX                                         10,895 -32% Miami-Fort Lauderdale-West Palm Beach, FL                                         10,266 25% Atlanta-Sandy Springs-Roswell, GA                                         10,000 0% Washington-Arlington-Alexandria, DC-VA-MD-WV                                           7,347 -27% Denver-Aurora-Lakewood, CO                                           7,148 -16% Related ‹ Building Materials Prices Remain Stable but Diesel Skyrockets 40% in AugustTags: home building, multifamily, single-family, state and local markets, state permits

Single-Family Permits Decline in July 20232023-09-15T09:16:54-05:00
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