New construction of both single and multi-family units jumped 21.7% to a seasonally adjusted annual rate of 1.631 million units in May, according to the Census Bureau.
Homebuyers contending with a lack of homes for sale got some relief last month as builders broke ground on more houses and ramped up their future development plans.
New construction of both single and multi-family units jumped 21.7% to a seasonally adjusted annual rate of 1.631 million units in May, according to the Census Bureau Tuesday, from April's revised rate of 1.340 million. That was 5.7% above a year ago and higher than the 1.400 million units economists surveyed by Bloomberg had predicted.
The persistent shortage of homes for sale has been a challenge for buyers, who have increasingly turned to new construction. That trend is a boon for homebuilders and has brightened their financial outlook for the year. In this Wednesday, June 20, 2012, photo, a worker stands in the early-morning sunlight on a home construction project in Newtown, Pa., Wednesday, June 20, 2012.
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