In 3Q 2016, condominium completions in the US rose considerably to 6,100, which is 2,800 units more than 2Q 2016 and 1,800 higher than completions in 3Q 2015, said the US Census Bureau, in collaboration with the US Department of Housing and Urban Development Tuesday. The condominium absorption rate also posted an increase to 74 per cent, which is 10 percentage points higher than 2Q 2016 and 23 percentage points higher compared to 3Q 2015.
US Condominium Inventory
Census Bureau, in collaboration with the US Department of Housing and Urban Development, releases data on completions and absorption rates for multifamily buildings with at least 5 apartments. The most recent release shows that completions of nonsubsidized, unfurnished, rental apartments amounted to 73,800 in 3Q 2016. This is 11,700 more than 2Q 2016, but 9,800 fewer than 3Q 2015.
In 3Q 2016, condominium completions rose considerably to 6,100, which is 2,800 units more than 2Q 2016 and 1,800 higher than completions in the third quarter of 2015. The condominium absorption rate also posted an increase to 74 per cent, which is 10 percentage points higher than the second quarter of 2016 and 23 percentage points higher compared to the third quarter of 2015.