July Residential Building Permits Continue Holding Pattern
Single family building permit activity posted its third consecutive month of improvement over 2010, but July edged downward compared to June, according to the Home Builders Association of Greater Kansas City. July’s decline marked the fifth year in seven years that July fell short compared to June.
“The holding pattern for the year continues as consumers have a watch and see approach to the national economy,” said HBA Executive Vice President Sara Corless. “Consumers with solid credit, stability in their careers, and confidence in the economy are able to capitalize on historically low interest rates and build.”
According to the Freddie Mac Primary Mortgage Market Survey Results, the average rate for a 30-year fixed rate mortgage is 4.32 percent while a 15-year fixed rate mortgage is 3.50 percent.
Olathe led the list of top-permitting cities for July with 31 units followed by Kansas City, Mo. with 30, Overland Park with 26, Lee’s Summit with 12, Blue Springs with eight, and Jackson County, Lenexa and Platte County with seven.
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.