By the end of November 2024, a total of 22,563 housing units were completed, including 9,340 purpose-built rental units. This increase in supply has helped ease the pressure on both resale prices and rental rates. New home construction is on track to hit record levels in 2024, with 22,652 starts so far—already surpassing the entire 2023 total of 19,579. There’s been an uptick across all property types, with nearly half of the new builds being apartment-style units, including almost 5,000 purpose-built rentals. As these new units are completed, buyers will have more options, which should continue to ease pressure on resale home prices throughout 2025.
Looking ahead, experts predict that new home starts will slow down in 2025 after the record-breaking pace of 2024, as the market moves toward a more balanced state. However, demand is expected to remain strong, supported by lower interest rates that are favorable for both move-up buyers and first-time buyers. The increase in new home supply could also impact certain areas of the resale market.