Builder caution defines August despite single-family start gains

August brought a mixed picture to the housing market: single-family housing starts increased by 7.6%, yet overall starts slipped 2.6%—largely because multifamily construction took a 22.5% hit. We’re also seeing building permits decline, which reflects the persistent challenges of high inventory levels, affordability concerns, and hesitancy among builders. As someone who specializes in residential real estate across Baltimore County, Baltimore City, and the surrounding Maryland areas, I keep a close eye on these shifts. Understanding the interplay between new construction, permits, and builder confidence is key for buyers, sellers, and investors navigating our local market.