New residential housing completions in the United States reached a seasonally adjusted annual rate of 1,314,000 units in June 2025, a 24.1% decrease from the 1,731,000 units completed in June 2024. This figure also reflects a 14.7% decline from May’s revised estimate of 1,540,000 units, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.
Single-family housing completions dropped to 908,000 units in June, down 12.5% from the revised May figure of 1,038,000 and 15.5% lower than the June 2024 total of 1,075,000. For buildings with five units or more, completions fell to 383,000 in June, marking a 21.0% decline from May’s 485,000 and a 39.8% decrease from the 636,000 completed in June 2024.
Housing starts were at a seasonally adjusted annual rate of 1,321,000 in June, up 4.6% from the revised May estimate of 1,263,000, but 0.5% below the June 2024 rate of 1,327,000. Single-family starts dropped to 883,000 units, a 4.6% decrease from May’s 926,000. However, starts in buildings with five or more units rose to 414,000, up 30.6% from May and 25.8% higher than a year earlier.
Building permits for privately-owned housing units in June were issued at a rate of 1,397,000. This was 0.2% higher than May’s revised figure of 1,394,000 but 4.4% lower than the June 2024 rate of 1,461,000. Single-family permits declined to 866,000, down 3.7% from May’s 899,000, while authorizations for buildings with five units or more increased to 478,000, up 8.1% from the previous month.
Year-to-date, 2025 housing completions totaled 718,800 units through June, compared to 769,000 for the same period in 2024, a 6.5% decrease.
This slowdown in housing completions coincides with persistently low builder confidence. According to the National Association of Home Builders, the Housing Market Index edged up to 33 in July 2025, remaining well below the neutral threshold of 50 for the fifteenth consecutive month. Builders continue to cite high financing costs, weak buyer demand, and ongoing regulatory burdens as major constraints, especially in the single-family segment. This subdued outlook aligns with the declines in both single-family permits and completions, reinforcing concerns about future supply shortages and continued affordability pressures.
