February 2023 Residential Statistics Report
Single-Family Permits Dip Lower in February
During the month of February, 145 single-family permits were issued, which is 28 fewer permits than the activity recorded during January, according to statistics compiled by the Home Builders Association of Greater Kansas City (KCHBA). Higher mortgage rates and home prices left new home sales flat in February, and the median new home sales price rose in February to $438,200, up 2.5 percent compared to a year ago, according to the National Association of Home Builders (NAHB).
“There are five ‘L’s I point to that increase the cost of housing: land, labor, loans, lumber, and laws,” said Will Ruder, executive vice president of the KCHBA. “None of these things are within a KC homebuilder’s control. So when we talk about the need for affordable housing, people need to understand it isn’t the builder who is reaping the benefits of higher prices.”
Click here to view the February 2023 Residential Statistics Report.
Kansas City, Mo., issued the most single-family permits in February with 38. Olathe ranked second with 20 units, followed by Shawnee (15), Overland Park (14) and Lenexa (9).