Of the 99,290 unfurnished, unsubsidized apartments completed in Q2, 65% were absorbed into the market in the first three months following completion, according to US Census Bureau data review by the NAHB.
News in end use
S&P CoreLogic Case-Shiller US National Home Price Index Continues Upward Trek in September
The S&P CoreLogic Case-Shiller US National Home Price NSA Index saw an annual gain of 3.9% in September, up from an annual gain of 2.5% posted in August.
US Consumer Confidence Rises in November, Ending a Three-Month Slide
The Conference Board Consumer Confidence Index® rose to a reading of 102.0 in November, up from a downwardly revised October reading of 99.1.
New US Residential Single-Family Home Sales Down Month-Over-Month but Up Year-Over-Year in October
New residential single-family home sales for October were at a SAAR of 679,000, 5.6% below the revised September rate of 719,000.
US Multifamily Built-For-Rent Starts Remain Elevated in Q3
There were 104,000 multifamily construction starts in Q3, of which 101,000 units were built-for-rent, according to the Census Bureau and NAHB.
Economies of Canadian Provinces Remain in a Holding Pattern
According reporting by the Financial Post on research by The Conference Board of Canada, Canadian provinces are feeling the pressure of restrictive interest rates.
US Single-Family Home Size Shrinks as Housing Affordability Deteriorates
The median single-family square floor area was 2,221 square feet in Q3, close to the lowest reading since the end of 2010, according to the US Census Bureau and NAHB.
US Asking Rents Inch Lower for Second Consecutive Month in October
The average US asking rent declined slightly for the second consecutive month in October, slipping $3 to $1,718. Year-over-year, growth moderated at 0.4%, down from 0.8% in September and from 6.5% in December 2022.
Fannie Mae’s Economic and Strategic Research Group Releases Its Economic Commentary for November
Accordinf to Fannie Mae’s Economic and Strategic Research (ESR) Group, economic growth will likely decelerate and ultimately result in a mild recession in 2023, followed by a return to growth in 2025.
US Custom Home Building Declines in Q3
Recently released US Census Bureau data, with additional analysis by the NAHB, reveal a slowing market for custom home building after recent gains in market share.