Economists love to talk about increases in new construction as an indicator that the real estate market is on its way to recovery. But what does that mean for the average homebuyer?
If your area has a lot of new construction, it may signal that the local market is especially hot. In particular, it often means that investors and construction companies think housing inventory is low in comparison to how many homes are on the market.
If you want to buy a new condo or single-family home, a construction boom in your area might be excellent news. And more good news — a large amount of construction doesn’t necessarily mean local prices are going through the roof, according to Trulia’s data analysis.
So, interested in a newly built place? Check out the 10 metro areas with the most new home construction. Happy shopping!