Multifamily Homes Lead Increase in New Home Starts
Construction of new homes increased more than forecast in March 2018. The growth in new home starts was led by multifamily homes, which increased over 14 percent, while starts of single family homes dropped nearly four percent when compared to the previous month. Permits for construction of new homes of all types rose over 2 percent. Despite higher lumber prices due to tariffs on Canadian lumber imports and a short supply of labor and available building lots, demand for new homes is expected to remain strong during the coming months. Despite the drop in starts for single family homes in March, the number of new single family homes already under construction reached its highest level since mid 2008.
Buying or refinancing a new home in the state of Georgia? Contact Peachtree Mortgage Services, Inc. at peachmtg@bellsouth.net to discuss our low home mortgage interest rates.
* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.