According to the Commerce Department, housing starts increased by 15.7% in July - the highest level since November. This is great news for the housing market and overall U.S. economy.
Home construction in general rose 22% this year through July and applications for building permits increased as well - signifying potential improvement in months to come. Permits are up 8.1% which is the largest gain since April of 2013.
The National Association of Home Builders and Wells Fargo Housing Market Index reports that home builder confidence rose by 2 points. This is the third consecutive month that builder confidence has increased.
If you're looking for another reason to buy now, interest rates on conventional 30 year mortgages have dropped but are expected to rise again in upcoming months. With rental costs continuing to rise, now is the time to think about whether buying a new home is right for you and your family.