Residential Permitting Continues Upward Climb (June 2020)
Metro-wide single-family permits totaled 420 during June, an increase from the 374 permits issued in May, according to statistics compiled by the Home Builders Association of Greater Kansas City (KCHBA). Year-to-date, total single-family permits issued have increased 24 percent over the same period in 2019.
Click here to view the June 2020 Residential Stat Report.
In single-family activity, Kansas City, Mo., tops the “most active city” list with 104 permits issued in June 2020, followed by Olathe with 67, Lee’s Summit at 39, Blue Springs with 27 and Lenexa with 22 permits.
Nationally, new single-family home sales jumped in June, as housing demand was supported by low interest rates, a renewed consumer focus on the importance of housing, and rising demand in lower-density markets like suburbs and exurbs, according to the National Association of Home Builders (NAHB). Locally, closed sales increased 18 percent and pending sales increased 72 percent for new homes in June, according to the Kansas City Regional Association of Realtors.
“Strong demand for new homes, fueled by low interest rates, has had a big impact on available inventory,” said Will Ruder, Executive Vice President of the KCHBA. “While consumer interest in new homes continues to climb, Kansas City homebuilders are working hard to keep pace with that demand. The unpredictability introduced by Covid-19 has given way to a cautious optimism that new home construction will be a foundation on which an economic recovery can be built.”