After five consecutive monthly declines, construction of new, single-family homes spiked in August, according to new numbers from the U.S. Census Bureau and the Department of Housing and Urban Development. The spike included a 15.8 percent increase in single-family housing starts – which measure the number of new homes that began construction during the month. It also included a 2.8 percent increase in permits to build new homes. The gains come at a time when other housing indicators are improving and could be a sign that builders are seeing more traffic now that conditions have eased in favor of home buyers. They may have also been influenced by a homebuilding rebound in the South, after Hurricane Beryl temporarily disrupted activity in July. Whatever the case, a rising number of new homes under construction is encouraging, as it helps balance the market and keeps home prices steady. (source)
