Amid the ongoing shortage of homes for sale across the country, some encouraging news has emerged from the Commerce Department: Single-family housing starts continued to grow in September.

According to the Commerce Department report, overall housing production increased 1.9 percent to a seasonally adjusted annual rate of 1.42 million units. The seasonally adjusted rate refers to the number of units builders would begin building over the next 12 months if the September pace stays on track. Within the 1.42 million overall housing starts, single-family units increased 8.5 percent to a 1.11 million seasonally adjusted annual rate—the highest pace of single-family starts since June 2007.

The regional breakdown of new housing in September showed that single-family and multifamily starts are 11 percent higher in the Midwest, 5.7 percent higher in the South, 4.5 percent higher in the West, but 1.4 percent lower in the Northeast.

What does this all mean for homeowners, homebuyers and sellers? According to Dr. Lawrence Yun, chief economist for the National Association of REALTORS®, “When homes get built, jobs are created through multiple cascading effects. And of course, more inventory becomes available for consumers. That is why [the] data in surging housing starts is so welcome: moving the economy in a better direction. Homeownership will also rise with more choices.”

According to Chuck Fowke, chairman of the National Association of Home Builders, the positive news reflects the importance of housing in leading the economy back. “Builder confidence is at an all-time high as buyer traffic is strong—another sign that housing is helping to lift the economy,” he said.

The demand for increased housing inventory is being driven by low interest rates and homebuyers looking to relocate from urban areas and/or take advantage of favorable conditions to make the move from renting to owning. As many switch to remote work situations for the foreseeable future, or perhaps permanently, increased options for homeownership have emerged as more affordable areas can now be considered.

If you’re thinking about putting your home on the market, the timing is in your favor as housing starts will take time to turn into available inventory. Talk to your local real estate professional about specific market conditions in your area, and how they may positively impact the value of your home.