Market Update: Housing Starts report indicates highest rate of new construction in nearly five years

This morning’s housing starts report showed a 7% rise in new home construction in March, the highest level in nearly five years. Quicken Loans Chief Economist Bob Walters offers the following comments on the report:

“Pent up demand is spurring growth in building as housing starts rose 7% in March. Homebuyers are itching for their dream home, and since the current inventory can’t keep up, consumers are opting to build. This is yet another sign of a strengthening economy along with last week’s boost in mortgage applications and ever growing home prices.”

 

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