2020, although not what real estate experts were expecting, is heating up with new real estate construction.
According to the National Association of Realtors, single-family and multifamily construction jumped 23% last month, which is the highest production rate since February.
Construction has reached its pre-pandemic peak, which marks a hopeful pivotal moment for inventory.
Single-family construction rose by 8.2% in July, and multifamily rose by 58.4%. This construction includes apartment buildings, condos, townhouses, duplexes, bungalows, etc.
Lawrence Yun, Chief Economist of the National Association of Realtors, predicts “inventory shortages will remain problematic for the reminder of the year, but will create a more balanced market for the housing supply in 2021.
Housing permits rose 18.8% in July – which is a great indicator for future construction.