May’s New Residential Construction report showed a 4.3% increase in privately-owned housing starts, to an annual rate of 974,000 units.
Bill Banfield, Quicken Loans Executive Vice President of Capital Markets, offers the following insight on the report:
“With economies reopening, home builders are slowly regaining traction in their goal to match surging buyer demand. Last month’s increase in construction will help ongoing inventory issues and it’s encouraging to see low interest rates support buyer demand.”
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