The United States has been experiencing a historic lack of inventory in the market for quite some time—and in order to meet the growing demand for property, builders have been increasing their activity.
According to a recent report, all of that new construction is starting to pay off.
According to the Census Bureau’s most recent New Residential Sales report, sales of new homes in the US hit 629,000 in August. That’s up 3.5% from July—and 12.7% from August 2017—making August the second month in a row of double-digit, year-over-year growth (new home sales were up 12.8% in July).
The increase in new homes sales is an indicator of an increase in new homes available in the market. So if you’ve been thinking about buying a home but have been waiting for inventory to increase, now may be a good time to make a move.