Average residential building permit value reaches record $384,781 in August
BUSINESS RECORD STAFF Sep 26, 2022 | 7:30 pm
1 min read time
283 wordsAll Latest News, Housing, Real Estate and Development
The average value of a residential building permit in the Des Moines area reached $384,781 in August, the highest ever, a review of communities’ building permit data shows.
Through Aug. 31, the average value of a residential permit issued in the Des Moines area was $296,107, nearly $32,000, or 12%, higher than in the same period a year ago when the average value was $264,123, records show.
In August, 256 residential building permits were issued in Polk County and the 13 communities surveyed by the Business Record. In August 2021, 377 permits were issued.
Nationally, there were 1.57 million single-family housing starts in August, about 1,000 fewer than in August 2021, according to the U.S. Department of Housing and Urban Development and the U.S. Census Bureau’s monthly report.
Builder confidence in the market for newly built single-family homes fell three points in September to 46, the lowest level since May 2014 with the exception of the spring of 2020, according to a recently released National Association of Home Builders/Wells Fargo Housing Market Index. Builder confidence has declined every month in 2022, according to the index.
“Buyer traffic is weak in many markets as more consumers remain on the sidelines due to high mortgage rates and home prices that are putting a new home purchase out of financial reach for many households,” NAHB Chairman Jerry Konter, a homebuilder and developer from Savannah, Ga., said in a prepared statement. “In another indicator of a weakening market, 24% of builders reported reducing home prices, up from 19% last month.”
To view a spreadsheet of residential building permits issued by month in the Des Moines area in 2022, click here.
Through Aug. 31, the average value of a residential permit issued in the Des Moines area was $296,107, nearly $32,000, or 12%, higher than in the same period a year ago when the average value was $264,123, records show.
In August, 256 residential building permits were issued in Polk County and the 13 communities surveyed by the Business Record. In August 2021, 377 permits were issued.
Nationally, there were 1.57 million single-family housing starts in August, about 1,000 fewer than in August 2021, according to the U.S. Department of Housing and Urban Development and the U.S. Census Bureau’s monthly report.
Builder confidence in the market for newly built single-family homes fell three points in September to 46, the lowest level since May 2014 with the exception of the spring of 2020, according to a recently released National Association of Home Builders/Wells Fargo Housing Market Index. Builder confidence has declined every month in 2022, according to the index.
“Buyer traffic is weak in many markets as more consumers remain on the sidelines due to high mortgage rates and home prices that are putting a new home purchase out of financial reach for many households,” NAHB Chairman Jerry Konter, a homebuilder and developer from Savannah, Ga., said in a prepared statement. “In another indicator of a weakening market, 24% of builders reported reducing home prices, up from 19% last month.”
To view a spreadsheet of residential building permits issued by month in the Des Moines area in 2022, click here.
Trending News
