New Housing Starts Far Exceed Expectations
According to a new report from HUD and the US Census Bureau, new housing starts across the US, including the Atlanta area, far exceeded expectations this summer. July housing starts were up nearly 23% from the previous month and up over 23% from July 2019.
Home builders say that the increase in new housing starts is due to fewer existing homes being put on the market , an increased demand for homes in the suburbs due to the ongoing pandemic, and low home mortgage interest rates. Shortages of buildable lots and construction workers, however, remain obstacles to continued growth in new housing starts, as well as rapid increases in the costs of lumber and other building materials.
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