New construction activity was higher in June than the previous month and higher than what was predicted. This is good news for the housing industry as this makes possible more inventory and more options for potential home buyers.
Across the county housing inventory is low which means that purchase business has been low, there is not enough homes for the number of potential buyers who are looking to buy.
With the increase in new construction, this opens up more existing homes... those who are building now have homes to sell.
Permits taken out by builders have also increased which is a good sign for future construction activity.
Good news for lenders, Realtors, and home buyers!