New Home Construction Highest in 15 Months

Amanda Hicks
Posted by Amanda Hicks
Updated on
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Published in Market Updates

 

Groundbreakings on new homes went up nearly 10% last month, to the highest level since October 2016. 

January saw an annual new construction pace of 1.33 million, which is 120,00 more homes per year than just a month before in December 2017. Construction of single family homes rose 3.7% and apartments/condos ran up to 19.7%. 

Building permits also went up last month about 8% which is a good indicator that we will continue to see growth of new construction in the coming months.

Across the country the market is generally in need of new homes on the market, particularly in the Northeast, where new homes shot up 46%.

An improving economy has given Americans the confidence to buy a new home. Builders are also feeling confident as the National Association of Home Builders/Wells Fargo builder sentiment index read 72 for both January and February this year, an 18-year high for optimism. 

To view new construction in the Palm Beach County area, click here

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