US housing completions for the period January-August 2009 were down 29.5% compared to the same period last year according to recent estimates of the US Bureau of the Census.
New housing supply trends varied considerably across structure types. In particular, year-to-date completions as of August 2009 of housing structures with 2-4 units declined 47.5% compared to the same period last year, while completions of single family units decreased by 39.5%.
A very different trend was registered in the case of housing structures with 5 or more units, as completions over the period January–August 2009 posted actually an annual increase of 3.2%.
Year-to-date US residential completions as of August 2009 posted somewhat different trends across regions in terms of the magnitude of declines. In particular, year-to-date housing completions posted the largest annual drop of 33.3% in the Midwest and the smallest annual drop of 15.5% in the Northeast. Year-to-date housing completions in the West and the South posted annual decreases of 27.7% and 31.9%, respectively.
Annual declines in single-family home completions as of August 2009 were more similar across regions, as they varied from 36.3% in the Northeast to 40.2% in the West.
This deceleration of supply is good for the housing market as it will help reduce the downward pressure on housing prices, assuming that demand does not deteriorate any further.
Year-to-Date US Residential Completions as of August 2009: Annual Change
Sources: US Census Bureau, www.Property-Investing.org
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