A new home construction boom is underway across the country as new construction projects continue to open their doors.
The number of new homes being built has jumped almost 300% since 2009, according to data from real estate analytics company Trulia.
The number of homes that have been completed in the U.S. rose by a whopping 667% between 2008 and 2017, Trulia said in a report released Tuesday.
The total number of projects completed for new construction has grown by 1,919% since that time.
The growth in new construction began before the Great Recession.
A recent analysis by the National Association of Realtors found that home prices were on a steady rise from 2004 to 2017.
While there has been a huge uptick in new home sales over the past year, Truby said there’s a lot of uncertainty about where the trend will take us.
They are very much focused on their own homes, their own future.””
What we are seeing is that people are getting really excited about what’s coming down the pipeline.
They are very much focused on their own homes, their own future.”
The number and size of homes being constructed in the United States has grown at a faster rate than the total number that were built in the entire nation during the entire 20th century.
Trulia said the rise in home construction in the past several years has been driven by a number of factors.
First and foremost is the economy, Truba said.
The U.C. Berkeley Graduate School of Business estimates that between 2007 and 2016, the economy increased the average amount of new home units built by 15% a year.
Truba noted that there was also a surge in new-home sales.
Truba said that as a result of the economic downturn, many homeowners have been forced to sell their homes.
However, he added that many homeowners are willing to sell and are taking a longer-term view to the value of their home.
“The value of a home is a long-term investment,” Truba told Fox News.
“So, if a homeowner is willing to pay a premium for a longer term investment, that’s a win for the market.”
Truba also said that more Americans are going into debt as they look to purchase a home.
Trubu noted that the debt levels in the country are the highest they have been in decades.
He said that for many people, it is not enough to have the money to buy a home, but rather they need a little extra cash to make the purchase happen.
“There is a large group of people who have to borrow money to get into the market and they don’t have the cash,” Trubysaid.
“And so, they are taking that time to think about what the right investment is for them and where they can buy their home.”