The recovery of the new-home market picked up speed in August, with builders beginning construction on more single-family homes and building permits soaring to a five-year high, the Commerce Department reported Wednesday.
Construction starts on single-family homes rose 7 percent in August, reaching its highest point in six months, according to the Commerce Department. “Home building seems to be holding up decently in the higher mortgage rate environment, probably due to the support of strong underlying fundamentals: thin inventories and steady household formation,” says economist Guy Berger. Are Renters Driving the Home Construction Rebound?
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