by Calculated Risk on 10/21/2019 10:06:00 AM

Here is a graph I haven't updated in some time. From the Census Bureau "Started and Completed by Purpose of Construction" through Q2 2019.

This graph shows the NSA quarterly intent for four start categories since 1975: single family built for sale, owner built (includes contractor built for owner), starts built for rent, and condos built for sale.

Click on graph for larger image.

Single family starts built for sale were down about 6% in Q2 2019 compared to Q2 2018.

Owner built starts were down about 2% year-over-year.

And condos built for sale not far above the record low.

The 'units built for rent' (blue) had increased significantly following the great recession, but are now moving mostly sideways - and were up 12% in Q2 2019 compared to Q2 2018.

I expect single family, built for sales, will be up year-over-year in the 2nd half of 2019.