New-Home Starts Rebound 4.3% After Steep Decline

New-home construction bounced back from early pandemic lows, though it’s 23.2% below May 2019 numbers. But building permits, a predictor of future growth, surged 14.4%.

WASHINGTON (AP) – U.S. home construction rebounded 4.3% in May after steep declines caused by shutdowns due to the coronavirus.

The Commerce Department reported Wednesday that new homes were started at a seasonally adjusted annual rate of 974,000 last month after steep declines in April and March. Compared with last year, however, construction activity remains 23.2% below last year’s pace.

Home builders are hoping that as the nation re-opens, housing will post a strong recovery, helped by super-low mortgage rates. Industry analysts caution that the fledgling rebound could be derailed if infections spike again, causing potential buyers to put off looking for a new home.
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Author: Dominick Tascher Group - Blog

Naples to Estero Real Estate Blog by Dominick Tascher Group at MVP Realty brings to the public the latest information about real estate news and trends, market reports, new communities and also topics related to living in the paradise of SW Florida; Naples, Bonita Springs, Estero and South Fort Myers.