So, in addition to seeing localized housing price declines, we now see housing starts falling to a 6 year low.
It smells like 2008.
May housing starts fell to the lowest level since the pandemic disrupted construction six years ago, the U.S. Census Bureau announced Tuesday. Builder confidence has dropped recently because of higher material and financing costs.
The change threatens to exacerbate housing shortages and disrupt recent progress in most states toward building enough new housing for new residents.
Starts were down to an annual rate of 1.17 million, the lowest since April 2020, and an 8.5% drop since May 2025. The drop since last year was especially severe in the South, down 15%, and the West, down 11%, but the Northeast saw a 19% increase and the Midwest increased 6%.
These numbers vary from region to region, but it's more like they are taking turns.
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