Of course, a 23 percent annual growth rate is a bit over 5 percent during the three month period, which doesn't look quite so large.
However, is is remarkable how residential construction remains compared to the 2005 peak. I put together the following graph at the St. Louis Fed site.
The blue line represent real investment and the red nominal investment. Real residential investment remains 53 percent below the peak and nominal residential investment is 55 percent below its peak.