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New Home Construction Soars in Colorado Springs

New home construction in Colorado Springs is soaring past many other areas across the U.S. for the first quarter, according to a recent report.

"Building permits issued for single-family homes in El Paso County totaled 970 during the first three months of the year, a 22.2% increase over the same period last year, says a Monday report by the Pikes Peak Regional Building Department," according to National Mortgage News.

"In March, permits for single-family homes totaled 376, nearly 10% higher on a year-over-year basis."

Job growth is one of the biggest factors cited by the report when it comes to why there is such a boom in new construction. The demand is staggering and in combination with relatively low mortgage rates, buyers are taking advantage of the current housing climate for the Colorado Springs area.

It isn't a lack of interest in new homes that are preventing the Colorado Springs area from zooming past all competition. The report suggests that there simply is not enough sites for builders to erect new homes.

"Despite the lot shortage and rising mortgage rates, builders expect housing demand to remain strong through the remainder of 2018 and into 2019," said Mike DeGrant, board president of the Housing & Building Association of Colorado Springs, according to the report.

To learn more about the budding new home construction market in Colorado Springs, click on the image above.

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