Week of May 20, 2019

Health of new residential construction

Change in past two years

Change in past two years

Change in past seven years

Change in past seven years
Month New single-family construction starts New single-family construction sold
Mar-2017 69,500 61,000
Apr-2017 76,900 56,000
May-2017 76,900 57,000
Jun-2017 83,800 56,000
Jul-2017 79,400 48,000
Aug-2017 78,100 45,000
Sep-2017 72,500 50,000
Oct-2017 75,700 49,000
Nov-2017 69,100 50,000
Dec-2017 55,100 45,000
Jan-2018 59,900 48,000
Feb-2018 62,400 54,000
Mar-2018 72,500 66,000
Apr-2018 85,100 61,000
May-2018 88,700 62,000
Jun-2018 83,500 56,000
Jul-2018 81,800 52,000
Aug-2018 80,800 47,000
Sep-2018 75,000 46,000
Oct-2018 74,900 43,000
Nov-2018 58,500 44,000
Dec-2018 52,600 41,000
Jan-2019 64,100 49,000
Feb-2019 54,900 56,000
Mar-2019 65,500 68,000
Quarter New single-family construction starts New single-family construction sold
Q1 2012 105,500 87,000
Q2 2012 151,100 103,000
Q3 2012 150,100 94,000
Q4 2012 128,600 85,000
Q1 2013 136,100 109,000
Q2 2013 174,100 126,000
Q3 2013 164,900 95,000
Q4 2013 142,600 99,000
Q1 2014 133,800 107,000
Q2 2014 182,600 120,000
Q3 2014 177,600 108,000
Q4 2014 153,800 104,000
Q1 2015 139,900 130,000
Q2 2015 205,400 139,000
Q3 2015 203,200 119,000
Q4 2015 166,100 113,000
Q1 2016 170,400 134,000
Q2 2016 217,700 158,000
Q3 2016 206,500 144,000
Q4 2016 186,900 125,000
Q1 2017 181,400 157,000
Q2 2017 237,600 169,000
Q3 2017 230,000 143,000
Q4 2017 199,900 144,000
Q1 2018 194,800 168,000
Q2 2018 257,300 179,000
Q3 2018 237,600 145,000
Q4 2018 186,000 125,000
Q1 2019 184,500 171,000

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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