First August, then September and now we have October!
Obvious anticipation for rental homes, or maybe just housing period is driving the amount of building permits for multi family buildings up for the third month in a row!
Amount of Multi-Family Unit Permits Pulled:
- October 2007: 2733
- September 2007: 2296
- October 2006: 975
For single family homes building permits pulled:
- October: 1734
- September 2007: 587
- August 2007: 794
- October 2006: 868
Up 195.4% for the month prior and up 99.8 from one year prior.
I do expect new construction sales to rise from here until at least the beginning of 2008 as we are beginning to see prices slide back to pre-2004 levels! Most major builders are not pulling permits until they have a contract. Units sold for October were 1170. I am thinking we are in for some bigger numbers come spring 2008!
Source for stats: Home Builder's Research
Renee,
Great post about real estate data in your area of expertise. I think the fact that their still pulling permits for multi family units while the overall real estate market is slammed with inventory would indicate getting ready for renters. Let us know - keep us posted - great job.
Mike Lewis