New U.S. Home Construction Rises Amid Drop in Applications To Build

Though new home construction rose to 12.2% as of August, applications to build declined to their slowest pace since June 2020.

According to ABC 11, “permits are being purposely pulled back right now because there’s inventory on the ground,” Movement Mortgage’s Richard Cohen said. “All the production builders have less foot traffic, so they’re very nervous that that foot traffic’s going to translate into more inventory. And inventory is expensive.”

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