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New Construction Hits Record Highs as Inventory Posts Record Lows

Construction

New Construction Hits Record Highs as Inventory Posts Record Lows


May 6, 2021
new construction start
Photo: Michael Flippo | stock.adobe.com

The housing shortage worsened in April by reaching a new low, but March’s increase in new construction could bring much needed relief. Active listings fell 47% during the four-week period ending April 11, reports The Washington Post. And home prices advanced with 43% of homes sold for more than the asking price and 59% of homes gone within two weeks, according to data from Redfin.com. Single-family home starts increased 19.6% during the first quarter of 2021 compared to 2020 and housing starts rose 15.3% in March alone.

Buyer demand shows no signs of slowing. Redfin’s buyer demand index rose 4.3 percent in April compared with March.

One bright spot for buyers is that housing construction in March reached the fastest pace since June 2006, according to Census Bureau data. Housing starts on single-family homes, which refer to construction beginning if development stays at the same pace for the next 12 months, rose 15.3 percent in March compared with February to an annual rate of 1.24 million homes.

Single-family home starts were up 19.6 percent during the first quarter of 2021 compared with the first quarter of 2020.

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