The minions at the Census Bureau were at it again today releasing the New Residential Construction report for June, 2015. The report contains data through May, 2015.
As I say, always, those who rely on data without context, can't possibly see reality. Some well-known blogger pundits believe this report is a bad report.
With context, the trend in new residential construction is toward normalcy. The state of 1-unit construction and 2-4 unit construction looks good.
Relative to the buying age population (Americans, 20 and up), housing starts for May compare to housing starts for April 2008 (2,415.0), February 1993 (2,417.3), and January 1951 (2,1414.5).