Health of new residential construction
Change in past two years
Change in past seven years
|Month||New single-family construction starts||New single-family construction sold|
|Quarter||New single-family construction starts||New single-family construction sold|
While new sales outperformed home starts in February and March, the number of houses sold in the fourth quarter of 2018 dipped to their lowest level in two years.1 2018 was also the first time in the past seven years where there was no positive year-over-year growth in home sales for the fourth quarter.
Overall, housing demand lagged last year, while inventory kept growing. Sales peaked in March 2018 for a total of 66,000. In August, 80,800 homes were built, but only 47,000 sold. By September, only 46,000 units were purchased; a decline of 5,000 from September 2017.
In March, homebuyers bought 68,000 single-family homes, while 65,500 new units were started. Construction could be slowing due to increased costs of labor and supplies.
1 Source data: U.S. Census Bureau
Data date: 4/23/2019
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