New Home Construction Jumps 18 Percent Amid Low Inventory

The construction of new single-family homes increased by double digits in November as a supply shortage continued to boost homebuilder interest in housing construction. Single-family housing starts surged 18 percent in November compared to October, according to data from the U.S. Census Bureau . Thomas Ryan, a property economist at Capital Economics , attributed this rise to “the extreme lack of existing inventory on the market,” which “continued to support newbuild demand and construction activity in November.” Single-family housing starts jumped to its highest level in 18 months, he noted in a Dec. 19 post. Owing to a slowdown in…