September’s New Residential Construction report showed a 8.5% increase in privately-owned single-family housing starts, to an annual rate of 1,108,000 units.
Bill Banfield, Rocket Mortgage Executive Vice President of Capital Markets, offers the following insight on the report:
“Mortgage interest rates near record lows continue to propel the housing industry, including construction. There has been a surge of demand for new homes as a result of the longstanding inventory constraints across the country. Today’s news is encouraging for those enduring bidding wars and other challenges in the current market.”
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