Number Of New Homes Built Increased in 2018

Cynthia BaileyHome Buyers, Home Sellers, Luxury Homes, Real Estate Investing, Second Homes, VA Home BuyersLeave a Comment

During times when the housing market has more buyers than homes for sale, the quickest remedy is to build more new homes. Adding inventory to the market gives buyers more options, helps balance supply and demand, and keeps home prices in check. In short, new home construction plays a vital role in housing market health and affordability conditions. That’s why it’s good news that recently released numbers from the U.S. Census Bureau and the Department of Housing and Urban Development show a 3.6 percent increase in the number of new homes that began construction in 2018. The year-over-year improvement put the number of completed new homes last year at nearly 1.2 million. Unfortunately, toward the end of the year, rising mortgage rates and stock market volatility slowed the pace of new home construction. However, with buying conditions becoming more favorable and builder confidence on the rise, there is reason to believe new construction of single-family homes will begin to climb again this spring. That’s encouraging, not just for buyers interested in finding a new home this year, but all potential home buyers. More here.

About the Author

Cynthia Bailey

Cynthia Bailey

Leveraging my experience of service to others, my passion for real estate and degree in Interior Design I seek to provide my clients with the best possible experience in finding their perfect place or selling their unique home. I believe in representing and educating my clients so they can make the best decision possible, while also providing advice on staging and preparing their home for sale. The seller is able to highlight the beauty of their home while the buyer is able to envision their future home. I call this the “win-win” of real estate.

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