Housing Market Gets Good News About a Critical Problem

The number of new homes finishing construction soared in June, data from the U.S. Census Bureau showed on Wednesday, boosting a housing sector struggling to keep up with demand.Last month saw the completion of privately owned housing skyrocket by 10 percent to 1.7 million compared to May. The June numbers were 15.5 percent higher than a year ago when completions stood about 1.5 million.

The improvement in supply of newly completed homes cut across almost all regions of the country. with only the West seeing a contraction. The Northeast saw finished properties jump 50.5 percent in June, while the Midwest recorded close to 54 percent more homes delivered by builders in the market. The South saw an improvement of 2.3 percent. The Western U.S. reported a drop of 6 percent.

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