LMB Journal reports that custom home building grew in the third quarter.
NAHB’s analysis of Census Data from the Quarterly Starts and Completions by Purpose and Design survey indicates custom home building expanded during the third quarter of 2019.
There were 56,000 total custom building starts during the third quarter of 2019, the highest quarterly total since the Great Recession. This marks a 6% gain over the third quarter 2018 total of 53,000. Over the last four quarters, custom housing starts totaled 171,000. Due to weakness during the first half of the year, this represents a 2% decline compared to the four quarters prior to this period (174,000).
As measured on a one-year moving average, the market share of custom home building in terms of total single-family starts is now 20%, down from a cycle high of 31.5% set during the second quarter of 2009.
