Top

Live After Quit

“New Home Construction Soaring – Brighter Outlook for Housing Market

The housing market has been buffeted by the forces of the pandemic and economic recession of 2020, but new home construction data suggests stability and recovery are in sight. The newest figures show a rise in new home construction that is causing optimism in the housing sector. The latest numbers from the U.S. Census Bureau reveal that single-family home construction completed in September 2020 rose by 9.4 percent compared to August 2020. This is the biggest jump since April 2020, when the pandemic first struck the U.S. market. The figures are further evidence that the housing market is recovering from the pandemic. New home sales are continuing to increase despite the uncertainty of the job situation and mortgage rates. The new data also reveals that new home construction is spread among all types of homes, suggesting that the housing market is healthy. Single-family homes, townhomes, and condominiums are all being built in greater numbers. The latest figures are good news for those looking to buy a new home or rent a rental property. With more new homes being built, there will be an increased supply in the market, lowering prices, and making it easier and cheaper for people to buy or rent a home. Furthermore, the increased construction also leads to jobs in the housing sector. There is increased demand for construction workers, builders, and other specialized laborers who build and maintain new homes. The uptick in new home construction is welcome news for the housing market and the U.S. economy as a whole. It is a sign that insurers are feeling optimistic about the future of the housing market and that more people are taking advantage of lower mortgage rates to purchase their dream home. Though the housing market was hit hard by the pandemic, the latest figures indicate that recovery is firmly in sight. The data released by the Census Bureau is an indicator of the confidence that returning buyers have in the housing market. With more new homes being built, it is likely that the U.S. housing market will continue to grow and prosper in the coming months.