Out With the Old: New-Home Construction Rises

As more potential homeowners search for the home of their dreams, contractors are doing their best to keep up with demand.

However, it looks like new-home construction has had quite the boost – builders began construction on new homes in the U.S. at a pace of 1.37 million in November, which was a 3.2% increase from October and a 13.6% increase from a year ago.

These stats have surged for both single-family homes and multifamily structures.

Because of the said uptick, homebuilder sentiment has reached its highest level in decades. Coupled with lower unemployment and mortgage rates, economists believe that the housing market should continue to provide a boost to the U.S. economy for the unforeseeable future.

For more real estate news, check out Alliance’s Blog here.

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