Housing observers noted that demand for housing remains robust despite the lack of new supply.

The 819 Beacon St. project will create 393 rental units, including 59 on-site affordable units and 53 institutional patient-family housing units in partnership with Boston Children’s Hospital.

“There simply aren’t enough homes for sale relative to the demand fueled by millennials armed with low mortgage rate-driven house-buying power.” — First American Deputy Chief Economist Odeta Kushi

The decrease was driven by a 5.1% month-over-month slide in the rate of multifamily starts, while single-family construction was flat.

The seasonally adjusted estimate of new houses for sale at the end of July was 378,000, representing a supply of 6.1 months at the current sales rate.

Some supply-chain issues and price shocks have calmed in recent weeks. But the price volatility of core construction materials remains unsettling for builders trying to set their budgets.

The Elevated Companies 223 Saratoga development is slated to be completed this fall.

“The bright spot in an otherwise underwhelming report comes from the increase in the overall number of permits issued, which can signal how much home construction is in the pipeline.” — First American deputy chief economist Odeta Kushi

A new residential property in Billerica has opened its doors to its first occupants.

The Procopio Companies has broken ground on a new, 22,000 square-foot luxury, mixed-use development in Winthrop.

The seasonally adjusted estimate of new houses for sale at the end of May was 330,000, representing a supply of 5.1 months at the current sales rate, the U.S. Census Bureau and the Department of Housing and Urban Development reported.

Single-family housing starts were up 4.2% from April and 49.8% from May 2020, at 1,098,000, according to the U.S. Census Bureau and Department of Housing and Urban Development.

Increasing costs and declining availability of key building materials dampened builder sentiment, as higher costs have pushed some new homes beyond the budget of prospective buyers. 

The Boston Planning & Development Agency approved a request from developers to replace a previously approved hotel portion of their 150 Kneeland St. development with residences. 

With high costs slowing construction and potentially lowering homeownership for many, easing zoning rules may be the most effective way to increase the supply of new housing. 

Longer-commute areas continued to claim the largest market share in single-family homebuilding, but the construction growth rate was strongest in places with shorter commuting times, the National Association of Home Builders said, citing its quarterly Home Building Geography Index.