This article discusses the increase of U.S. housing starts in response to increased demand from buyers. According to recent data from the Department of Commerce, housing starts increased an impressive 17.3% year-over-year in April while the nation is still grappling with the aftermath of the COVID-19 pandemic.
The number of single-family housing starts is what drove up the total housing starts in April, increasing 37.2%. The compelling increase highlights the growing interest from buyers and shows the resilience of the market. Additionally, the number of multi-family housing starts saw a bump of nearly 2%.
The strength and continued interest in housing is attributed to a few key factors, such as historically low mortgage rates, a lack of available housing inventory, and people changing their attitudes about where they want to live and what kind of home they want due to lifestyle adaptations resulting from the pandemic.
To conclude, it is clear that the housing market is showing no signs of slowing down. With demand from buyers still strong and a lack of available housing units, prices and sales will continue to rise, especially in relation to single-family residences. Going forward, the goal should be to find ways to increase the availability of these types of units to meet the demands of consumers. Building more housing could be an important step in helping to alleviate the current shortage, create jobs, and boost the economy.
You can read this full article at: https://www.housingwire.com/articles/housing-starts-rise-as-buyer-demand-rises/(subscription required)
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