New home construction is picking up just in time for the spring buying season, according to the latest new-home report rfrom the Commerce Department. Builders broke ground on more new homes in March than in the last six months.
Another bright spot: Building permits, an indicator of future construction, increased 11.2% for the month. After a dismal winter performance, new-home building bounced back 7.2% in March from February to a seasonally adjusted 549,000 units.
The new-home sector has faced hard times in recent years, competing against a flood of foreclosures and short sales on the market that have pushed housing prices down. In February, construction fell to its lowest level in nearly two years.
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