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Construction Of New Homes Up 4.5% Last Year

Despite the ups-and-downs of the housing market over the past few years, some things have remained constant. The lack of available homes for sale, for example. Low inventory has been an issue for most of the past decade and got considerably worse during the pandemic. These days, the number of homes for sale is improving but continues to trail normal levels, leading to ongoing frustration for home buyers and upward pressure on prices. Fortunately, though, 2024 may bring about a change. Many market forecasts see improved inventory levels ahead due to falling mortgage rates and rising new home construction. Building new homes is the fastest way to add supply to the market and home builders have been doing their part. In fact, according to newly released numbers from the U.S. Census Bureau and the Department of Housing and Urban Development, the number of new housing units completed in 2023 was 4.5 percent higher than the year before. And, with building permits up 6.1 percent year-over-year in December, further gains can be expected as more homes begin construction and hit the market.



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