NEW HOME COMMUNITIES
NEW HOME COMMUNITIES INSIGHTS
Building permits slightly increased in North Carolina compared to the previous quarter, rising by 0.6% over the last year. Notably, the Asheville MSA’s reported building permits nearly doubled, almost reaching 3,000 by the end of the quarter. Forbes has noted that home builders typically maintain about six months of sales inventory, but currently they have an overage of about 50%, leading to an expectation for construction to slow down due to a seasonal sales decline and inventory readjustment. With low inventory levels in the region, the rise in building permits could potentially lead to an increase in homes on the market—and a much-needed boost when new home construction sales tend to slow. This could be a welcome boost to the market in the third and fourth quarters.
NC BUILDING PERMITS
New home construction across the country remained relatively consistent at the start of the second quarter, experiencing a 0.6% decrease in June compared to the revised May rate, and a 7.4% decline from the previous year's June estimate. The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI), which tracks builder sentiment, also reflected this downward trend, dropping from 51 to 43 in June. NAHB reports that higher mortgage interest rates and elevated rates for construction and development loans have impacted builder sentiment. Despite this overall decline, it's worth noting that confidence in single-family home sales over the next six months, a component of the Housing Market Index, scored 48, indicating a higher confidence level is possible into the latter part of the year.
50,527
49,507
49,321
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ASHEVILLE BUILDING PERMITS 2,203
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NEW CONSTRUCTION CLOSINGS 539
FEATURED COMMUNITY
569
Laurelwood Village
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Located in the heart of thriving Asheville, NC and near the French Broad River, Laurelwood Village is a quaint neighborhood of Arts & Crafts townhomes. Choose from 2 and 3 bedroom main-level living floor plans and enjoy worry-free living at Laurelwood Village. laurelwoodvillage.com
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Allen Tate/Beverly-Hanks offers full-service marketing, providing proven sales and consulting services to builders and developers.
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