Home Builders Activity
More homes are being built. Housing starts in May skyrocketed almost 22% as homebuilders respond to a lack of housing inventory across the country. Given that pace, builders would construct about 1.63 million homes annually. With over 70% of existing mortgages having an interest rate of 4% or less, many homeowners are staying put which is why we have such a low inventory across the country. As buyers are more comfortable with mortgage rates in the 6 to 7% range, the demand is growing. This creates a wonderful opportunity for builders to construct more homes to fill the void. Keep in mind these are national numbers – the Austin area market has not recovered as well as the rest of the US.