With the importance of “home” on the rise and interest rates hovering around 3%, demand and construction continue to lead the way toward a recovery. According to the U.S. Census Bureau, housing starts increased by 22.6% in July—the third consecutive month of gains for the homebuilding industry.
Diving deeper into the numbers, Single-family starts were 8.2% higher above revised June estimates. New privately-owned housing starts were higher by 4.7% year-over-year, while multi-family starts saw a huge spike with a 58.4% gain month-over-month.
As mortgage rates continue to remain low, homebuilders across the country can expect to continue feeding the nation’s demand for new housing.