Today’s housing market is short of available homes but not interested buyers. That’s why home prices and competition have been rising. It’s also why industry experts have been focused on the number of new homes being built. The best way to solve a supply shortage, after all, is to add supply. So new numbers from the U.S. Census Bureau and the Department of Housing and Urban Development are good news for home shoppers.
New Homes Construction Increases
The data shows that the number of new homes that began construction in June was 6.3 percent higher than the month before. It was also well above economists’ expectations. In fact, if building continued at June’s pace, there’d be an additional 1.643 million new homes built annually. That’s better than the annual rate of 1.590 million homes economists forecasted. However, it’s also well short of March’s annual rate of 1.725 million homes – which was the highest level since June 2006. Still, the improvement is encouraging, as it’s another step toward a better balanced market and more options for prospective buyers. Click on the link for more information.
Here at A1 Mortgage, we know how important it is to choose the right house for you and your companion. We have the responsibility to provide you with the best products and the highest level of customer service possible. With hundreds of loan programs available, we tailor a loan specific to your mortgage needs. So come get pre-approved and start shopping for your dream home by clicking here!