Feb. 7, 2013

Mount Pleasant Housing Permits Hit a 5 Year High!

Housing Permits Houses Rise Chart
CLICK HERE ~ See All Homes For Sale! According to the National Association of Realtors, the pace of housing permits issued during the last quarter of 2012 continued to reflect the previous three quarters growth.  The Commerce Department further reported that housing permits, a gauge for future construction, reached its highest level in more than four years.  NAHB Chief Economist, Davide Crowe says that new-home starts are on track for a projected year end increase in housing production of 25 percent. "Many builders have reported improving conditions in their local housing markets and are increasingly optimistic about the spring buying season" said Barry Rutenberg, NAHB Chairman.  The South appears to be positioned well for 2013.  Its regional single family and multifamily starts rose 2.9% percent during 2012.

In Charleston South Carolina historically new construction homes account for 37% of all home sales.  However in 2012 that number was only 22%.  As the overall housing market recovers (as it has) the pent up demand for new builder homes will begin to shrink the existing 15% gap of new home vs. existing home sales.

Housing Permits Mount Pleasant ConstructionThe Post and Courier reported that in April 2012 Mount Pleasant SC alone issued 66 new single-family homes permits.  That last time that happened was 2007!

Not to spoil the party that is just getting started, but thanks to building permit limits in Mount Pleasant SC, known as “permit allocation” in early 2000’s, the housing rebound has come much faster and was much less severe than most US cities.  Not everyone believes that...but something everyone should remember and consider as new permit demand heats up in Charleston SC!

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