Market Update: Housing Starts Increased, Albeit Slowly in November

November’s New Residential Construction report showed a 0.4% increase in privately-owned single-family housing starts, to an annual rate of 1,181,000 units.

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

“With heightened levels of construction continuing well into autumn, it’s clear builders understand more new houses are desperately needed. Inventory levels remain near all-time lows, so home construction will play a crucial role in making sure prices remain affordable throughout 2021.”

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