The Federal Reserve’s Beige Book says new construction is on the rise!
All Federal districts except one (Kansas City District) reported that residential construction is expanding. The Fed’s positive outlook on new construction is consistent with the positive outlook for real estate sales.
The Beige Book also reported that existing home sales have expanded due to low interest rates, affordable prices, and rising rents. Lending activity is improving but at a more moderate pace. It also cited broad growth for the economy. This is all good news for the recovering real estate market!