After a slugging winter, housing starts have jumped a whopping 20.2 percent in April, restoring themselves to what some are calling “recovery highs,” levels similar to November 2007. Housing start landed at a 1.14 million annualized rates, up from a 944,000 pace in March, the highest it has been in 7 years, according to a Commerce Department report released May 19.
The 20.2 percent hop itself was the biggest jump recorded since February 1991. More permits—a measure point for future construction– were issued in April than at any time since June 2008.
“Inventory has been an anchor in the sand holding back housing for quite some time,” says Charles Byron Andrews Analyst. “While these reports are sometimes prone to revisions, a significant uptick in new home construction could help many buyers looking for a home in the coming months, from the trade-up buyer to those looking to purchase their first home.”
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