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US single-family home production sees positive trend in Q4 2023
Posted on March 8, 2024 |
The Home Building Geography Index (HBGI) saw a turnaround in single-family growth rates during 2023Q4, particularly in major urban markets.
Contributing factors to this improvement included moderating mortgage rates and limited existing housing inventory.
In Q4, micro counties experienced the lowest single-family year-over-year growth rate, declining by 11.7%.
Most markets, excluding small metro outlying counties, continued to show declines, although signs of improvement were evident.
Single-family permits in Q4 surpassed the levels seen in 2022 Q4 by more than 20%, according to the new residential construction survey.
Multifamily growth rates remained stagnant or negative in major metro and suburban areas but showed resilience in lower-density regions.
Large metro-suburban counties recorded the most significant decline in multifamily construction, dropping by 20.0% between 2022Q4 and 2023Q4.