The housing inventory crisis—which, according to Realtor.com’s recent Housing Shortage Report, is the worst inventory shortage in the United States in over two decades—hasn’t been an easy time for people on the market for a new home. The low inventory and the intense competition for available homes has driven up prices in markets across the country, making it difficult for potential buyers to find and buy property.
But it looks like building is (finally) starting to pick up to keep up with buyer demand. According to a recent report on new construction from the US Census Bureau and the US Department of Housing and Urban Development, builders completed new homes at a seasonally adjusted annual rate of a whopping 1,291,000 in May 2018—the most homes completed in over a decade.
If you’ve been thinking about buying a home, this is good news! As new inventory becomes available (and as builders continue to construct new homes to keep up with demand), the fierce competition for property that’s become the norm in today’s real estate market will cool off, making it much easier to find a home (and, most importantly, to get that home at a reasonable price).