Market Update: Housing starts rise 6.8% in May

This morning’s housing starts report showed a 6.8% rise in new home construction. Quicken Loans Chief Economist Bob Walters offers the following comments on the report:

Homebuilding has become stronger this year, and this morning’s housing starts report shows that builders are continuing to support buyer demand for new homes amid a lack of existing home inventory. Despite a slight drop in building permits from April’s multi-year high, May’s building permits also point to continued growth in new home building.

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