New Construction Falls to 5-Year Low as Price Floor Nears

Dave: Buyers, sellers, renters, and landlords all say the numbers are getting harder to make it work. Affordability is just strained. In New York, flippers are facing shrinking margins and a proposed new tax. Meanwhile, fewer housing starts could strengthen apartment rents by 2027 and senior housing occupancy continues to climb. I’m Dave Meyer here with Kathy Fettke, Henry Washington, and James Dainard. To break down all the headlines you need to know, this is On the Market. Let’s dive in. Kathy, we’re going to call you up first. What do you got for us today? Kathy: All right. Well, this article is actually from CRE Daily, so it’s going to have a commercial real estate focus, but I think It applies to home owners, home buyers, because a lot of commercial real estate looks at residential first to see if there’s enough roofs. They want to make sure there’s enough roofs for their commercial project. Anyway, the headline is US Housing Starts Slow Giving Apartments Room to Recover. So the story is basically that US housing starts fell to an annualized 1.18 million units in May, and that is the lowest reading since April of 2020. Single family completions are also declined 16% year over ...