Due to the surge in multifamily development and the ongoing modest growth for single-family, there has been a noticeable shift in the market shares of housing units under construction.
Normally, multifamily accounts for about one-in-three units of new construction, with single-family commanding two-thirds or more of the new construction balance. National Association of Home Builders economist Rob Dietz has this to say about what's going on now and what's ahead:
These data detail the potential for growth in the single-family market. Keep in mind that for the October new home sales data, there were just 226,000 newly built homes for sale, a 5.5 months’ supply. And of that total, only 52,000 were completed, ready to occupy inventory.
NAHB expects the growth rate for multifamily starts to slow, while single-family increases.