Huge swings in the Census Department housing reports continue.
Housing Starts Rebound in June
The monthly New Residential Construction report for June 2026 shows a construction rebound in multi-family following a collapse in multi-family last month.
Single-Family starts fell.
Note the margins of error on housing starts ±15.9 percent.
Housing Starts
- Privately-owned housing starts in June were at a seasonally adjusted annual rate of 1,427,000.
- This is 19.0 percent (±15.9 percent) above the revised May estimate of 1,199,000 and is 3.5 percent (±14.3 percent) above the June 2025 rate of 1,379,000.
- Single-family housing starts in June were at a rate of 895,000; this is 0.2 percent (±10.2 percent) below the revised May figure of 897,000. The June rate for units in buildings with five units or more was 513,000.
Building Permits
- Privately-owned housing units authorized by building permits in June were at a seasonally adjusted annual rate of 1,367,000. This is 3.0 percent below the revised May rate of 1,410,000 and is 2.3 percent below the June 2025 rate of 1,399,000.
- Single-family authorizations in June were at a rate of 871,000; this is 2.4 percent below the revised May figure of 892,000.
- Authorizations of units in buildings with five units or more were at a rate of 445,000 in June.
Housing Completions
- Housing Completions Privately-owned housing completions in June were at a seasonally adjusted annual rate of 1,392,000.
- This is 3.3 percent (±14.1 percent) above the revised May estimate of 1,347,000 and is 1.5 percent (±17.1 percent) above the June 2025 rate of 1,372,000.
- Single-family housing completions in June were at a rate of 964,000; this is 6.6 percent (±11.0 percent) above the revised May rate of 904,000. The June rate for units in buildings with five units or more was 413,000.
Single Family vs Multi-Family Details SA in Thousands
- Total: 1,427
- Single Family: 895
- Multi-Family: 532
Housing Permits
The Covid permit rebound was sharp, in two phases, culminating at 1.923 million in January 2022.
That was followed by a slump to 1.421 million permits in November of 2022.
Since February of 2023, it’s been a slow grind lower.
Housing Completions
The wave of completions surged 1.7 million units in August of 2024.
Conventional wisdom was the surge in completions would lead to falling home prices and falling rent.
Neither happened. The remaining units under construction is in huge decline, yet still high historically.
Housing Units Under Construction
Units Under Construction Details
- Total: 1,264
- Multi-Family: 682
- Single-Family: 582
Despite the big decline, there is still a large number of units under construction. But who can afford to buy?
On the surface, this will put price pressure on units as they complete. But many of these are pre-sold, I believe to buyers who will regret buying.
And people have been predicting a huge price collapse in homes and rents on the basis of completed supply. Neither happened despite the surge in completed homes.
Mortgage Rates
The average 30-year mortgage rate is 6.63 percent, up from 5.99 percent in February according to Mortgage News Daily.
This is not good for either buyers or sellers.
Trump’s tariffs on steel, lumber, and appliances do not help either.
Related Posts
January 30, 2026: Dear Zoomers, Trump Says He “Wants to Drive Up Housing Prices”
Somehow, I doubt Gen Z will like this message.
June 25, 2026: New Home Sales Drop Another 7.3 Percent, Builders Struggle with Rising Inventory
Sales are down. Inventory is high and rising, pressuring builders.
July 5, 2026: Case-Shiller National Home Price Index Hovers Near All-Time Highs
Home prices remain in the stratosphere, transactions in the gutter.
July 9, 2026: Existing-Homes Sales Decline 2.4 Percent in June Following Hopeful May
The Spring sales season ends with a thud. Affordability is in the gutter.
High density housing is more profitable for developers. Progressive local governments promote them as a solution for unaffordable housing. But, their objective is to eliminate middle class single family neighborhoods. Progressive governments require a percentage of high density developments be dedicated to low-income residences. Further weakening the economic harmony of local communities.
You will own nothing and be happy
My first mortgage was 7 and either 5 or 7/8 back in the early 90s. The $210K I paid then is said (per BLS) to be $499K today. Based on recent sales, I think I could get around $600K. I’m not shedding too many tears for the young ones – I put 20% down because I saved for quite a few years living with the rents and busting my butt.
They can do the same and be nowhere near able to buy that house. Things changed.
The single family home was the American Dream, your own little piece of the world with some privacy. That has been replaced by multi-family housing (a nightmare) with excess fees, noise, rules and regulations.
That “dream home” of the late 50s was about 1200 sq feet, maybe 1300 on the high end. The lot size was often well under 1/4 acre.
Would people buy those homes today? Maybe. Are they being built anywhere? Nope.
Similar to the $70,000 GiNORMOUS angry-faced pickup truck which needs a ladder to get in..while just 25 years ago a half-ton decent pickup truck worked fine at 2/3rds the height and size.