Home building jumped in October by 3.8%, the strongest pace since the beginning of the year, largely because of construction in the West and South
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Yun added, “At 1.46 million units on an annualized basis, housing permits are nearly to the level needed for the country over the long haul. Since new home construction kicks off the chain reaction of people trading up and trading down by buying new and selling their existing homes, more housing inventory will surely show up in the market next year.”
The average value of a newly-constructed single family home is roughly $245,000. The seaside cities of Honolulu, Sebastian-Vero Beach, Florida and Crestview-Fort Walton Beach-Destin, Florida, saw the greatest increases in the average valuation of new single-family homes between 2018 and 2019.
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