If you have been in the process of looking for a home for a long time, you understand just how difficult it has been. You might have considered building your own house, but after seeing the bidding wars for land before you even start building, you may have crossed newly built homes off your list. Now, there are a few reasons why you should consider adding new homes back to your search.
New housing construction starts reached a record high in December 2019 going up 16.9%. This represents a seasonally-adjusted annual rate of 1.608 million homes last December, which beat the record set in December 2006, 13 years ago, according to CNBC.
Last week’s economic news included readings on construction spending, along with public and private-sector jobs growth. The national unemployment rate, weekly reports on mortgage rates and new jobless claims were also released.
Last week’s housing related news was limited to Construction Spending and Freddie Mac’s mortgage rates survey, but labor reports suggested an economic slowdown may be in the works.