Indianapolis-area homebuilders end stellar year with slowdown
Despite the disappointing closing month, 2018 turned out to be the busiest year for local builders in more than a decade.
Despite the disappointing closing month, 2018 turned out to be the busiest year for local builders in more than a decade.
A slowdown in home construction that began in central Indiana in late 2018 continued into the new year.
Single-family construction permit filings have fallen for the past four months following a 14-month streak of year-over-year increases.
Applications for home construction fell 1% in central Indiana in May, marking the sixth straight month of declining permit filings.
Applications for home construction fell 13% in central Indiana in June, marking the seventh straight month of declining permit filings.
It was the most-active July for single-family construction permit filings since 2006, when 746 permits were filed during the month.
Applications for home construction in the nine-county area have risen three months in a row following seven straight months of declines.
Single-family construction permits in the nine-county area have risen for four months in row on a year-over-year basis following seven straight months of declines.
Applications for home construction fell 15 percent in November, which means Indianapolis-area builders will need a huge December to match 2018’s numbers.
A big December was not quite enough to make last year’s construction pace exceed 2018’s. It was the first year since 2011 that fewer single-family building permits were filed in the area than in the previous year.
Applications for home construction permits in the Indianapolis area rose in January, marking the sixth monthly increase in the past seven months.
Interest in buying new homes in central Indiana surged dramatically in the first quarter, before the affects of the COVID-19 pandemic began taking its toll on the economy.
Applications for home construction permits rose 5% in the Indianapolis area in April, marking the ninth monthly increase in the past 10 months on a year-over-year basis.
Area new-home construction filings jumped 12% last month, marking the 11th time in the last 13 months that filings have risen on a year-over-year basis.
A shortage of moderately priced single-family homes and pent-up demand stemming from the COVID-19 lockdown this spring have caused home prices to rocket higher.
Central Indiana builders saw a huge rush of business last month from people who want new homes, resulting in the biggest month for single-family building permit filings since August 2006.
Area homebuilders have made 7,181 single-family building permit filings through the first 10 months of 2020. That’s already more than they’ve filed in any full year since 2007.
Healthy cities have multiple housing types at a variety of price points.
Builders in the nine-county Indianapolis area filed 694 single-family building permits in November, up 47% from the same month of 2019.
Central Indiana homebuilders saw another onslaught of interest from buyers in December, adding to their busiest year since before the Great Recession.