The total construction of townhouses was up on a yearly basis during this year’s third quarter.
Based on the NAHB analysis of Census data of Starts and Completions by Purpose and Design, the total for single-family attached starts is 20,000 for the quarter, which is a 17 percent leap from a year ago. Townhouse construction during the most recent four quarters accounted for 70,000, which is slightly higher from the four quarters before that with a total of 69,000.
The current market share of townhouses, using a one-year moving average, is now at 11 percent of all single-family starts, a percentage slightly higher than the previous quarter.
Townhouse construction peaked in market share over the last two decades during the first quarter of 2008 when it reached 14.6 percent. This was attainted after there was a fair consistent increase in their share, which started in the early 1990s.
Although their market share was greatly reduced during the Great Recession, they are expended to rise in the succeeding years along with occasional fluctuations.
Nevertheless, townhouse construction is expected to continue its positive path especially now that a lot of homebuyers are searching for homes in medium density residential neighborhoods, particularly those with a variety of amenities to offer with walkable environments.
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