New homes are coming, eventually.
Citing data from the Census Bureau, Realtor.com reports that the number of permits for new homes increased 9.5 percent in September compared to September 2015.
“It’s a very positive signal that we’re going to have more new construction in the months ahead,” says Realtor.com’s chief economist, Jonathan Smoke. “We haven’t been building enough to keep up with population growth, and that’s why we’ve been seeing significant increases in both rents and home prices.”
The amount of newly built homes fell 11.9 percent to 86,600 last month, though.
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