23 July 2019

Home Building Jumps In November

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Housing starts in November were up nearly 30% from a year ago as builders rushed  to meet demand in a recovering housing market. Housing starts grew at an annual pace of 1.09 million and the issuance of building permits was also strong, up 7%.

A survey by the National Association of Home Builders released December 17th showed builders reporting the best sales conditions for single family homes in eight years.

A strong improvement in home prices and a drop in unemployment and home foreclosures have combined to drive a rebound in demand for homes.

Mortgage rates have been rising steadily for months since hitting a record low in the spring. That has also increased demand as potential buyers look to make a purchase before rates go higher.

For the original article from CNN Money, click here.
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