The July housing stats came out this week and while completions continue to be higher than ever, there was a noticeable slowdown in construction starts last month. In 2022 there was a noticeable August spike in completions and I'll be curious to see whether that's matched this year; under-construction numbers have been overall consistently growing month-to-month over the last three years. A dip in under-construction numbers over the last several months will be noticeable later this year and into next, however.