This morning’s Housing Starts report showed a 11.2% rise in new home construction, to an annual rate of 1,050,000 units.
Bill Banfield, Quicken Loans Executive Vice President of Capital Markets, offers the following insight on the report:
“An increase in housing stock is exactly what the market needs right now, since potential buyers have been fighting for homes that may have been on the market for as short as a single day,” said Bill Banfield, Quicken Loans Executive Vice President of Capital Markets. “This competition, due to low supply, has driven many areas to a point where first-time homebuyers do not have access to an inventory that matches their needs. I believe this increase in construction, if it continues, is the much-needed relief to increase the availability of homes to buy and especially for millennials who may have been waiting on the sidelines.”
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