March’s New Residential Construction report showed a 15.3% increase in privately-owned single-family housing starts, to an annual rate of 1,238,000 units.
Bill Banfield, Rocket Mortgage Executive Vice President of Capital Markets, offers the following insight on the report:
“Rising costs for supplies did not deter builders in March. There is a strong understanding of the role an increase in new homes plays in today’s housing market and we hope this momentum will continue throughout the year to ensure there are homes to meet the extreme demand from buyers.”
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