August’s New Residential Construction report showed a 4.1% increase in privately-owned single-family housing starts, to an annual rate of 1,021,000 units.
Bill Banfield, Quicken Loans Executive Vice President of Capital Markets, offers the following insight on the report:
“With such low levels of inventory across the country, this continued construction is needed to maintain the momentum of home sales we experienced throughout the summer. It will also play an especially important role in making sure home prices remain affordable for buyers, and not counteract the savings gained from historically low interest rates.”
If you would like to speak to Bill about this or any other topic, please contact us.