Supply Pipeline Analysis
2025 New Launches
~90,000 units
-38% YoY
Unsold Inventory
~82,000 units
Q3 2025
Building Permits
120,000 units
2024
Occupancy Permits
95,000 units
2024
Vacant Units
~1.66M (9.6%)
National
Developer Confidence
Conservative
Cautious outlook