Understanding the Recent Shift in Housing Construction
Hey there! I wanted to share some insights about the recent trends in housing construction that could affect you whether you're buying, selling, or refinancing a home.
In July, we saw a notable drop in the number of new homes being built—housing starts fell by about 12.4% compared to June. This means that fewer new homes are hitting the market right now, particularly single-family homes, which dropped nearly 10%. As a buyer, this could mean a tighter market with fewer options available.
On the flip side, building permits actually increased by 5% in July. This tells me that while builders are slowing down construction for now, they are still looking to start new projects in the future. So, if you're considering buying, it might be wise to stay on top of new listings as they come available. For those thinking about selling, this could be a great opportunity to list your home with less competition out there.
If you're thinking about refinancing, keep an eye on these trends as well. A decrease in new builds could help stabilize home values, which is something to consider when assessing your current mortgage situation. Feel free to reach out to me if you have any questions or need help navigating your options!
