28 Jul State Sees Steady Increase in Home Building for Month of June
INDIANAPOLIS, Ind. – Single-family building permits in Indiana increased 17 percent in June compared to the same time last year according to the latest data from the U.S. Census Bureau. Permits increased only by 1 percent between May and June of this year, but continue to rise for the first half of 2017 at a 12 percent increase from 2016.
“While the recent growth in home building might seem slight, it is still reflective of a strong housing market for the state.” said Indiana Builders Association Chief Executive Officer Rick Wajda. “We should see single-family homes continue to strengthen throughout the year as more buyers show interest in the marketplace.”
In June 2017, there were 1,627 single-family building permits issued compared to 1,394 in June of 2016.
Builder confidence in the market for newly built single-family homes weakened slightly by two points in July to 64 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). Any number over 50 indicates that more builders view sales conditions as good than poor.
“The building industry continues to work hard at helping families achieve the American Dream of homeownership,” said Wajda. “However, housing affordability remains in jeopardy as we hear more concerns of lots and labor shortage, as well as increasing material prices.”