August Year to Date Permits Up Over Last Year Due to Multi-Family
Single and multi-family building permit activity combined to surpass 2010 by just over 11% with 352 total units, according to the Home Builders Association of Greater Kansas City. August’s 204 single family permits mirrored July’s activity, but multi-family took a big jump with 142 units posted in Overland Park and 6 units in Gardner, Kansas.
“With the fifth consecutive month of more than 200 permits pulled, the optimistic view is there is less volatility in month to month numbers than in 2010,” said HBA Executive Vice President Sara Corless. “Builders are hopeful that fall sales activity will allow the Kansas City Metropolitan area to end the year slightly above 2010.”
Builders look to numbers from the National Association of Homes Builders which show some pockets of improvement across the country particularly in the Midwest where combined starts activity has improved 2-2.5 percent this year.
According to the Freddie Mac Primary Mortgage Market Survey Results, the average rate for a 30-year fixed rate mortgage is 4.09 percent while a 15-year fixed rate mortgage is 3.29 percent. This is good news for the HBA’s Parade of Homes which begins, Saturday, October 1, and runs through, Sunday, October 16.
Year to date, Johnson County leads the market with a 38 percent share represented by 572 total units, followed by Jackson County with 22 percent and 326 total units, and Clay County with 18 percent and 264 total units. Both Jackson and Johnson counties have increased market share 3-4 percent over 2010.
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The Home Builders Association of Greater Kansas City (HBA) is the voice of the housing industry and the source for housing information. Comprising approximately 750 member companies, the HBA represents an industry that supports more than 10,000 jobs in the Greater Kansas City metropolitan area.