Detroit area single-family home permits up month-to-month
Permits for new single-family home construction in southeast Michigan rose from December to January but remained below a year ago, according to the Home Builders Association of Southeastern Michigan.
The organization said Monday that 270 single-family home permits were issued in Macomb, Oakland, St. Clair and Wayne counties last month, up 18% from December but down 10% from January 2021.
Multi-family construction permits totaled 184 in January, down 8% from a revised total of 200 in December 2021 but nearly 3% higher than a year ago, when 179 were issued.
“We are pleased with January totals,”HBA CEO Michael Stoskopf said in a news release. “It seems that new home construction is ready to resume its steady pace even though the cold and snow are still with us.”
“New home builders in southeastern Michigan are seeing increased traffic from potential buyers who want to lock in prices before the Fed begins raising interest rates."
Based on the econometrics used in HBA’s forecasting model, the association expects permits to increase over the next four months.