In a bit of good news for the real estate industry – and those looking to purchase a home – single-family home construction increased in June, although not nearly enough to meet buyer demand. According to the U.S. Commerce Department, a drop in multi-family startups meant that total housing starts in June were 0.9% lower than a year ago.
Single-family construction increased by 3.5% in June to 847,000 units while multi-family startups dropped by 9.2% to 406,000 units.
Builders again cited labor and lot shortages as well as rising costs of building materials for the general shortfall.
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