Residential starts rose 1.4 percent to a 1.70 annualized rate. Applications to build jumped 9.1 percent to an annualized 1.87 million units in December.

Homes priced between $800,000 and $1 million saw the highest rate of bidding wars in December, according to Redfin data.

Cell towers have become a lucrative investment opportunity for real estate investors looking for alternative property sectors.