Applications for home construction fell 1% in central Indiana in May, marking the sixth straight month of declining permit filings.
But the decline was small compared to April’s year-over-year drop of 9% and March’s decline of 23%. And industry observers predict sales will begin exceeding last year’s pace in coming months if weather conditions improve.
Builders filed 732 single-family construction permits in the nine-county area last month, compared with 738 permits in May 2018, according to the Builders Association of Greater Indianapolis.
On a year-to-date basis, permit filings are down 10%, to 2814, compared to 3,110 during the first five months of 2018.
“We believe that most of the decrease in permits through May of this year is due to weather constraints that are both limiting production of new homes and the development of new lots,” Steve Lains, CEO of BAGI, said in written comments. “The consistently wet weather this winter and spring has made it very difficult to not only start and complete homes, but that inclement weather also deters people from getting out and looking at new homes to purchase.”
Hamilton County saw permit filings fall 15% in May, from 259 to 251
Marion County filings rose 5% last month, to 164.
Hendricks County's numbers were down 5%, to 87.
Johnson County filings increased 16%, to 86.
Hancock County saw permits dip 4%, to 67.
Filings jumped 29% in Boone County, to 67.
Filings remained flat at 19 in Morgan County and soared from four to 15 in Madison County. They fell from 12 to six in Shelby County.