The housing industry had a modest increase in April homebuilding. New homebuilders in the United States saw a 2.2 percent increase in housing starts from the previous month. Despite this increase, housing starts for the month were still down 22 percent from April of last year.
Low inventory of existing homes has been driving new home construction in order to meet the increasing demand, and this demand has had an impact on the homebuilding industry. Homebuilders have been focusing on larger, more expensive homes and have seen extended construction times due to higher standards from buyers. This is resulting in fewer housing starts each month, even with the increase seen in April.
Important elements for summarizing:
• Increased housing starts for new homebuilders- 2.2% up from last month
• Low inventory of existing homes aiding the demand for new homes
• 22% decrease from last year
• Homebuilders focused on larger, more expensive homes with higher quality standards, resulting in fewer housing starts per month
You can read this full article at: https://www.housingwire.com/articles/homebuilders-capitalizing-on-lack-of-housing-inventory/(subscription required)
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