Market Update: Housing Starts Drop 3.7%, Building Permits Down 1.8%

  • May 16, 2018

This morning’s Housing Starts report showed that new home construction dropped 3.7 percent and building permits fell 1.8 percent. Bill Banfield, Quicken Loans Executive Vice President of Capital Markets, offers the following comments on the report:

“April’s drop in both new construction and permits for upcoming construction a frustrating waypoint given we are falling well short of meeting the demands for new housing, said Bill Banfield, Quicken Loans Executive Vice President of Capital Markets. “New homes are an important addition in neighborhoods across the county since many homeowners don’t want to list their home for sale out of fear of not finding a new home that fits their needs. This leaves eager first time buyers behind, competing for limited supply of homes.”

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