The housing starts report showed total starts were down 7.0% in July compared to the previous month, and total starts were up 2.5% year-over-year compared to July 2020.
Starts were up 2.5% in July compared to July 2020. The year-over-year comparison are more difficult starting in the second half of 2021.
In 2020, starts were off to a strong start before the pandemic, and with low interest rates, and little competing existing home inventory, starts finished 2020 strong.
Blue is for 2+ units. Currently there are 686 thousand multi-family units under construction. Last month, at 691 thousand units, was the most since 1974.
Combined, there are 1.397 million units under construction. This is the most since July 2006.