1.600 million Total Housing Completions in 2025 including Manufactured Homes
Altos: Active single-family inventory was up 1.4% week-over-week
Although total housing starts decreased 0.6% in 2025 compared to 2024, total completions decreased 7.5% year-over-year. There were 1.600 million total completions and placements in 2025, down from 1.730 million in 2024 (including Manufactured Homes).
Not counting Manufactured homes, there are 1.498 million completions in 2025, down 7.9% from 1.627 million in 2024. In 2024 there was a surge in completions of multifamily units that were started during the pandemic. Even though multifamily completions declined significant in 2025, this was still the 2nd highest level since 1987.
This graph shows total housing completions and placements since 1968 through 2024. Note that the net addition to the housing stock is less because of demolitions and destruction of older housing units.
The housing start report last week indicated 1,010.1 thousand single family completions in 2025 (red), down 0.8% from 1,018.5 thousand in 2024. There were 161 thousand completions of 2-to-4 units, and 471.7 thousand completions of 5+ units (blue), down 20% from 2023.
Altos: Active single-family inventory was up 1.4% week-over-week
This graph based on data from Altos Research shows that active inventory of single-family homes, as of February 20th, was up 9.4% YoY compared to the same week in 2025. This will be important to track. The significant pickup in inventory usually happens in March.
