Nearly 1 million apartments are currently under construction in the US, the highest number since 1974.
The 943,000 units underway a 24.9% increase compared to a year ago, a level that the National Association of Home Builders (NAHB) said this week is not sustainable.
The group predicted the level to fall by 28% this year to 391,000 and will stabilize in 2024 at about 374,000 starts.
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