Housing Construction is Collapsing

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Total housing units under construction are declining at an 11% annualized pace as of June.

This is the first sustained contraction in units under construction in the post 2008 period. pic.twitter.com/q7sjmK7aNr

— Eric Basmajian (@EPBResearch) July 17, 2024

Sources:
www.nahb.org/news-and-economics/press-releases/2024/06/housing-starts-retreat-in-may
eyeonhousing.org/2024/06/housing-starts-retreat-in-may/

See also Cottage Cheese? Mortgage Applications Down 17% Since Last Week, Purchase Applications Down -60% Under Biden/Harris (Housing Prices Up 34.2% Under Biden/Harris While Mortgage Rates Up 138.6%)

h/t Tonight We Ride!

See also Rate cuts won't prevent a 2008-style housing correction if affordability collapses—Econ 101.

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