Housing Market Shows Signs of Rebound as Homebuilding Surges

Residential homebuilding increased at the fastest rate since 2016 in May.
Housing starts rose 21.7% from April levels according to new data.
Builders are increasing construction to meet demand as mortgage rates remain low and consumer confidence rises.
Permits for future home construction also climbed, signaling the housing market may be turning around.
The increases in May exceeded economists' expectations, marking a six-month streak of growing builder confidence.