March 2023 Residential Statistics Report

March 2023 residential permit statistics indicate an increase over February 2023, according to the Home Builders Association of Greater Kansas City’s (KCHBA) monthly Residential Building Permit Statistics report. The 352 single-family permits issued in March is more than double the number of permits issued in February (145) and brings the year’s first quarter total to 670 single-family units.

Nationally, the National Association of Home Builders (NAHB) reports that single family permits were down in March but only by 0.8 percent. NAHB cites stabilizing mortgage rates and limited existing inventory as helping to offset stubbornly high construction costs, building labor shortages and tightening credit conditions.

“As anticipated, construction activity is rising in order to meet elevated demand for new homes in a historically low inventory environment,” said Will Ruder, executive vice president of the KCHBA. “Newly built homes make up a much larger percentage of active listings in the Kansas City market than the historical average. With tight inventories of existing homes and more anticipated growth and investment in the metro, it is more important than ever that local policymakers come to the table to help ease the administrative supply-constraints that slow the production and increase the buyers’ costs of new homes.”

Comparing single-family permits on a county-by-county basis for the first quarter of 2023, Johnson County has issued the most with 258 single-family permits, while Platte and Jackson counties reported nearly the same number at 112 and 115, respectively. Top permitting cities in the first quarter were Kansas City, Olathe and Overland Park.

Click here to view the March 2023 Residential Statistics Report.