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Suburban Housing Shift Eases in the Third Quarter

Based on new findings of the third quarter National Association of Home Builder’s Home Building Geography Index, the suburban shift for single-family home buying precipitated in large part by the onset of the COVID-19 pandemic last year continues.

Yet new data reveals that higher density markets are making a comeback as well. In contrast, the market share for multifamily construction shows a significant increase in smaller cities and rural areas while the pace of new permits is easing in larger metropolitan markets. Also revealed is that permits are running strong in counties with a high concentration of second homes.