February’s New Residential Construction report showed a 1.5% decrease in privately-owned housing starts, to an annual rate of 1,599,000 units.
Bill Banfield, Quicken Loans Executive Vice President of Capital Markets, offers the following insight on the report:
“Demand from homebuyers is strong compared to last year. Interest rates have fallen dramatically and should be attractive to prospective buyers. The results of this survey, however, may be reflecting the early stages of the coronavirus impact on the housing market. The true economic effect of the virus on both buyers and builders has yet to be seen.”
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