National new home construction metrics; August 2022

September 20, 2022 ‐ The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced the following new residential construction statistics for August 2022:

Building Permits
Privately‐owned housing units authorized by building permits in August were at a seasonally adjusted annual rate of 1,517,000. This is 10.0 percent below the revised July rate of 1,685,000 and is 14.4 percent below the August 2021 rate of 1,772,000.

Single‐family authorizations in August were at a rate of 899,000; this is 3.5 percent below the revised July figure of 932,000. Authorizations of units in buildings with five units or more were at a rate of 571,000 in August.

Housing Starts
Privately‐owned housing starts in August were at a seasonally adjusted annual rate of 1,575,000. This is 12.2 percent (±14.9 percent)* above the revised July estimate of 1,404,000, but is 0.1 percent (±9.6 percent)* below the August 2021 rate of 1,576,000.

Single‐family housing starts in August were at a rate of 935,000; this is 3.4 percent (±10.1 percent)* above the revised July figure of 904,000. The August rate for units in buildings with five units or more was 621,000.

Housing Completions
Privately‐owned housing completions in August were at a seasonally adjusted annual rate of 1,342,000. This is 5.4 percent (±12.1 percent)* below the revised July estimate of 1,419,000, but is 3.1 percent (±10.5 percent)* above the August 2021 rate of 1,302,000. Single‐family housing completions in August were at a rate of 1,017,000; this is 0.4 percent (±12.8 percent)* above the revised July rate of 1,013,000. The August rate for units in buildings with five units or more was 318,000.

About TARR Report

S.M.A. Publications was formed in 1997 with a mission of providing real estate information for practitioners within the Research Triangle Park area of North Carolina. The company produces the T.A.R.R. Reports which are published monthly, quarterly and annually, covering all aspects of the residential real estate market. The publisher, Stacey P. Anfindsen, has over 23 years of residential experience in the Triangle market. He is an active real estate appraiser, educator and consultant.
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