Builders in the nine-county Indianapolis area filed only 457 single-family building permits in October, down a whopping 46% from 845 in the same month of 2021.
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The proposed Cyntheanne Woods subdivision would be developed on about 41 acres at the southeast corner of East 136th Street and Cyntheanne Road.
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The Retreat at Morse development is expected to include attached single-family villas that would be built by Beazer Homes and cost an average of $400,000.
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Single-family building permits have fallen on a year-over-year basis for the past nine months and in 12 of the past 14 months.
Read MoreThe construction of tens of thousands of rental homes could help rebalance the broader housing market. But critics say build-to-rent arrangements are exacerbating long-simmering inequalities by making homeownership even more elusive.
Rising mortgage rates, supply-chain issues, increasing costs and limited lot availability are hampering the market, according to industry experts.
In a state-of-the-industry report released this week, the Builders Association of Greater Indianapolis predicted that new-construction home sales in the nine-county area would slow significantly through 2023.
Applications for newly built houses are continuing to trail last year’s pace in central Indiana, but homebuilders remain busy, according to the Builders Association of Greater Indianapolis.
Builders are coming off their busiest year since 2005, but single-family building permits have fallen on a year-over-year basis in every month of 2022.
The Noblesville City Council heard proposals this week for two separate residential real estate developments that would create nearly 130 new residences in the city, including more 75 high-end homes near a golf course and 50 affordable-housing options.
Rising mortgage rates, supply-chain issues, increasing material costs and limited lot availability are hampering the market.
Single-family building permits have fallen on a year-over-year basis for the past three months and in six of the past eight months.
Supply-chain issues, labor shortages and a lack of suitable lots are holding back sales, according to the Builders Association of Greater Indianapolis.
Central Indiana homebuilders are coming off their busiest year since 2005, but January saw a big drop in single-family building permit filings.
Eight of the nine counties in the Indianapolis area saw a year-over-year increase in single-family building permit filings in 2021.
The recent slump has slowed what had been a torrid pace for the local home-construction industry. Permit filings are still easily on pace to have their biggest year since 2005.
Despite a slight decline in August, single-family building permit filings are still on pace to have their biggest year since 2005.
So far this year, 6,539 single-family building permits have been filed in the Indianapolis area, up 39% over the first seven months of 2020.
The tumble marks a stark turnaround for the common building material after strong U.S. construction demand during the pandemic spurred a surge in orders for lumber, causing prices to more than quadruple to their May peak and fueling inflation concerns.
So far this year, 5,710 single-family building permits have been filed in the area, up 46% over the first six months of 2020.
Arbor Homes, the most-active home builder in the Indianapolis area, said the acquisition of R&R Plumbing “will bolster the company’s existing efficient building processes.”
So far this year, 4,676 single-family building permits have been filed in the nine-county Indianapolis area, up 49% over the first five months of 2020.
Builders in the nine-county Indianapolis area are seeing their busiest year since 2005 despite soaring lumber prices and snarled supply chains that have made it difficult to get products to complete new homes.
So far this year, 2,717 single-family building permits have been filed in the nine-county Indianapolis area, up 48% over the first three months of 2020.
