Updated: Jul 4
Construction Heats Up As Buyers Return To The Market!
As more of the country continues to reopen, Buyers that were waiting out the pandemic before making a move are starting to reenter the market—and more new homes are being built in order to keep up with demand.
According to data outlined in a recent realtor.com article, construction of new homes in the United States was up 4.3 percent in May, climbing to an annual rate of 974,000. That is up from 934,000 in April, which marked a five-year low—and the first increase in new housing starts since January.
But while the increase in housing starts was certainly a positive, the more telling statistic was the increase in new building permits, which jumped 14.4 percent! This is an indication that builders are about to significantly ramp up new construction in order to meet with post pandemic buyer demand, which is being driven by record low mortgage rates and a surge in mortgage applications.
So, what does this mean for you? If you have been thinking about buying, it looks like there is about to be a lot more inventory to choose from—making now a great time to start looking for your dream home.