After more than 35 years as a full-time real estate broker, I’ve seen the ebbs and flows of home construction firsthand. Recently, U.S. builders began 918,000 single-family homes in mid-Q3—an increase of about 5% over last year and up roughly 8% from early in the quarter. While it’s only the second annual uptick in the past 12 months (with last year’s average at 907,000 starts, still a bit shy of the 930,000 to 950,000 range we’d consider healthy), it’s a welcome sign for those watching tight housing supply. On the flip side, completions have softened: just 816,000 single-family homes were finished, down 23% from a year ago. Permits, however, nearly hit 1.4 million, an encouraging 4% rise suggesting builders are staying active. Multifamily construction has taken a different path, down 16% year-over-year, which helped bring total private housing starts down 1% to 1.3 million—a reminder that this segment tends to be more volatile. Industry experts are noting this rebound from low levels, but with borrowing costs and builder hurdles still in play, confidence remains cautious and any significant near-term surge remains uncertain.