Fri, 07 May 2021

WASHINGTON D.C.: Construction of new homes in the United States reached 1.74 million in March, which was a 19 percent jump from February, the U.S. Census Bureau reported on April 14.

Officials note that housing starts surged for both single family homes and multifamily properties, increasing 15 and 30 percent.

The largest number of new homes being built began in the midwest, with homes being built at twice the rate, on a monthly basis.

The northeast and the south also saw new home construction accelerate, while home building slowed in the west.

Also, building permits for single-family homes increased nearly 5 percent, while those for multifamily units fell by almost 4 percent.

On the other hand, permits for duplexes, triplexes and quadplexes surged 25.5 percent, which experts said was due to a move by cities to meet housing demands by creating greater density in communities.

Additionally, building permits rose in the midwest and south, but declined in the northeast and remained flat in the west.

Industry observers noted that this increase in demand for housing is attributed to pent up demand during the pandemic. Also, Americans in their twenties are increasingly drawn to home ownership as they marry and have children.

Additionally, an analysis from Freddie Mac reports that the U.S. is 4 million homes short of meeting the demand of home buyers, as the housing shortage has increased more than 50 percent since 2018.

"There is a strong understanding of the role an increase in new homes plays in today's housing market, and we hope this momentum will continue throughout the year to ensure there are homes to meet the extreme demand from buyers," said Bill Banfield of Rocket Mortgage, as quoted by MarketWatch.

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