If you were concerned the coronavirus would bring home construction to a halt, while there’s no denying that the pandemic is slowing things down, new construction is actually up year-over-year.
A recent article from REALTOR® Magazine that outlined recent housing data found that while new construction saw significant monthly declines, both the pace of new construction and new building permits are up from this time last year.
In March 2020 (the most recent month with available data), new construction was at a pace of 1.22 million units—up 1.4 percent from March of last year. And new building permits were at a seasonally adjusted rate of 1.35 million—up an impressive 5 percent from March 2019.
So, what does this mean for the market? While construction may have slowed down from earlier this year, the market is still more active than this time last year—which is good news for potential buyers interested in purchasing a new home later in 2020.