Market update: New construction up 20.2% in April

U.S. housing starts jumped 20.2 percent in April to a seasonally adjusted rate of 1.14 million. Quicken Loans Vice President Bill Banfield offers the following comments on the report.

“Inventory has been an anchor in the sand holding back the housing market for quite some time. While these reports are sometimes prone to revisions, a significant uptick in new home construction could help many buyers looking for a home in the coming months, from the trade-up buyer to those looking to purchase their first home.”

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