More New Construction Should Benefit Buyers!
There has been more demand than supply in the housing market for quite some time, which has made it challenging for many would-be Buyers to successfully find and purchase homes.
But it looks like the industry took steps to rectify that supply and demand imbalance in 2019—and a wave of new homes should be hitting the market soon.
According to data from the National Association of Home Builders, total housing starts in the US hit 1.29 million in 2019—up 3.2 percent from 2018. And things picked up even more at the end of the year, with total housing starts increasing 16.9 percent in December to a seasonally adjusted rate of 1.61 million units—the highest rate in 13 years.
So, what does this mean for you? If you have been trying to buy a home but have been discouraged by the lack of inventory, this increase in housing starts is good news. More housing starts means more housing is being built—and that means more housing should hit the market in 2020, making the process of buying a home significantly easier (and less frustrating!).