New residential units in construction show multifamily's anomalous command in share of units under construction, per the NAHB.

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.

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