Phoenix Home Construction up 2.3% in August

Starts for new homes rose 2.3 percent in August, continuing a trend of real estate improvements that have been steady yet slow in the U.S.

Bloomberg reported the jump was the best pace the new home construction market has posted in two years. The rate is equal to 750,000 homes of annual construction.

Arizona, which was at the forefront of the housing collapse, has seen increased gains in new and existing home sales. Those in the housing industry believe low mortgage rates and lower prices have driven sales up.

Source: Phoenix Business Journal

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