Construction starts and new completions speed up

Housing supply remains unchanged at 65,000 in Sept.

The government released the 3Q 2012 Statistics on Private Housing Supply in Primary Market.

Overall primary supply was estimated to be 65,000 units as of September 2012, unchanged from that as of June.

While the number of primary supply was unchanged qq, new housing starts and completions continue to gain pace. New construction starts increased from 5,300 in 2Q to 5,900 units in 3Q, while new completion jumped from1,700 to 3,800 units during the same period.

Through the end of September, new construction starts had reached 16,100 units, up 75% y-y and higher than 2011’s full year total of 10,300 units.. As for new completions, to end-September, developers completed 6,100 units.