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Home Builder Permits See 14% Increase Over Nov. 2014

The number of Indiana single family building permits is down by 2% this year when compared to this time last year. That’s according to the U.S. Census Bureau and the Department of Housing and Urban Development. However, an upswing in November shows the state’s highest November numbers since before the recession.

958 single-family building permits were granted in November 2015. That number is up 14% when compared to November 2014.

Indiana Builder’s Association CEO Rick Wajda says this is a sign of builder’s confidence in the market, but that is important to keep in mind where these home are being built.

Wajda says, "Any growth that we've had has primarily been from exist existing lot inventory.and there hasn’t been a whole lot of new subdivisions come online across the state over the last couple [of] years."

Wajda says he expects to see home prices and new homes continue to trend upwards at the end of the year as long as mortgage rates stay affordable and the economy suffers no setbacks. Overall 2015 rates will be determined when numbers for December are released in early 2016.

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