Home builders increase construction in June

Despite an increase in construction of new homes, there is still a shortage of homes available for buyers.

Home builders increased construction in June, with housing starts climbing 8.3 % for the month. The gain ended three months of declines and marked the strongest pace since February. New construction has risen 3.9 % for the year, but that increase hasn’t been enough to offset the decrease in existing homes being listed for sale. June housing figures point to a healthy demand for homes that new construction alone has been unable to meet. Buyers are scrambling to buy homes, but a lack of available properties and surging costs are making it difficult for would-be buyers.