New home starts have fallen steadily this year as the Miami real estate market deals with an excess of unsold inventory, according to a report released Thursday by Dodge Data and Analytics.

Dodge’s report on February housing starts shows a 42 percent drop in construction spending, with $390 million spent last month compared to $676.9 million in February 2017. Those numbers dragged down the entire construction market in Miami; despite a 31 percent increase in nonresidential spending, total construction spending was down 20 percent in February compared to last year, Dodge reports.

In the year-to-date comparison, new home starts were down 40 percent, from $1.1 billion in 2016 to $703 million through February 2017. Though nonresidential construction spending increased by 49 percent, overall construction spending dropped by 14 percent compared to last year, according to Dodge.

A cooling of the home construction industry may not be a bad thing for Miami. It may in fact be a correction to last year’s housing boon that has contributed to the city’s huge inventory of unsold units.