Single-Family and Multifamily Production Headed in Opposite Directions Across Geographies

By Jesse Wade
NAHB – Eye on Housing
June 4, 2024
Category: Finance & Economics
Region: United States

Fueled by a lack of existing inventory and pent-up demand, single-family permit growth is occurring across all tracked geographic regions of the nation. The opposite holds true for the multifamily sector, according to the latest findings from the NAHB Home Building Geography Index for the first quarter of 2024. After continued declines in the growth rates of the single-family Index, all markets moved into positive territory for single-family construction. This marks the first time since the first quarter of 2021 for which all regions are showing year-over-year growth. Single-family growth rates declined to lows in the first quarter of 2023, but as lack of existing inventory and pent-up demand started to have a larger effect, single-family construction moved upwards over the year. …Looking at single-family HBGI market shares, small metro – core counties continued to have the largest market share at 28.8%.

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