Housing Construction Jumps 19% Nearly Two Million Homes Added
Written by Cyrus & Rachel Platt
Even in spite of rising material costs, housing construction is bouncing back.
Naturally, the ongoing dire need for inventory and today's low rates are fueling said construction demand.
So far, data from March shows construction activity reached a seasonally-adjusted rate of 1.74 million homes. To put that in perspective, this is a 19% increaseversus the month before.
Is this temporary?
Not according to the National Association of Realtors. Their research shows plenty of new home construction is on the horizon.
Confirming this, economists over at the National Association of Homebuilders note:"Single-family homes permitted but not started construction continued to increase in May."
This surge in building activity is up across the nation. Leading the pack geographically is the Midwest, where they saw housing starts more than doubled.
The catch, of course, is that the demand and upswing in material costs previously mentioned have sent home prices soaring.
That said, We have a variety of home loan solutions that can help your remain competitive and maximize your buying power. Additionally, we offer Extended Rate Locks to provide peace of mind to your clients.
Contact us at 360-918-3405 / 316-918-3406 today to discuss how we can work together to help you achieve your goals as homeowners.
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