Overall, the data shows that new privately-owned housing activity in the United States has been declining in recent months. This is likely due to a number of factors, including rising interest rates, high inflation, and supply chain disruptions.
The fact that housing starts and completions are declining suggests that the supply of new housing will be limited in the coming months, which could put further upward pressure on home prices.
The data also shows that the decline in housing activity is particularly pronounced in the multifamily sector. This is likely due to a number of factors, including the rising cost of construction materials and labor, as well as the increasing demand for rental housing.
The decline in multifamily housing activity could have a negative impact on the availability of affordable housing in the United States.
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