With rents outpacing wages in several cities, home sales may begin to see an uptick as qualified buyers make the switch to home ownership. According to the the Commerce Department, home starts are nearly the highest they have been in eight years, suggesting a strong economy in the start of third quarter 2015.
The report released in August, 2015 showed that groundbreaking has increased 0.2 percent to a seasonally adjusted annual pace of 1.21 million units, the highest level since October 2007.
The largest share of the market, groundbreaking for single-family homes, increased to 12.8 percent to a 782,000 unit pace in July, 2015. This is the highest level seen since December 2007.