Market Update: Housing Starts Continue to Increase in July

July’s New Residential Construction report showed an 8.2% increase in privately-owned single-family housing starts, to an annual rate of 940,000 units.

Bill Banfield, Quicken Loans Executive Vice President of Capital Markets, offers the following insight on the report:

“An uptick in COVID-19 cases throughout the country did not stop the construction of new homes. This third month of continuing increases in home building activities demonstrates the optimism in the housing market amid the ongoing pandemic.”

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