Though home construction had paused in the last few months due to the COVID-19 pandemic, it seems the construction industry is seeing a significant turnaround. This month, building permits were up 14.4% over April, with single-family permits skyrocketing 11.9%. Economists predict single-family starts are expected to see a stronger June, attributable to record-low mortgage rates and meager housing supply, with applications to purchase homes climbing for the last nine weeks.
“In the coming months, we’ll see a resurgence of housing starts from the meager numbers we saw in May,” claimed Holden Lewis, home and mortgage expert for NerdWallet. “Builders are eager to meet the demand for new homes.”
“As the nation reopens, housing is well-positioned to lead the economy forward,” declared Robert Dietz, chief economist at NAHB. “Inventory is tight, mortgage applications are increasing, interest rates are low and confidence is rising. And buyer traffic more than doubled in one month even as builders report growing online and phone inquiries stemming from the outbreak.”
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