Applications for home construction fell 1% in central Indiana in May, marking the sixth straight month of declining permit filings.
Applications for single-family construction permits in the nine-county area are down 12 percent so far this year.
Single-family construction permit filings have fallen for the past four months following a 14-month streak of year-over-year increases.
Last year turned out to be the busiest year for builders in more than a decade, but filings have been slowing since the fourth quarter.
A slowdown in home construction that began in central Indiana in late 2018 continued into the new year.
Despite the disappointing closing month, 2018 turned out to be the busiest year for local builders in more than a decade.
Indianapolis-area homebuilders saw a surge in construction permits for new houses in November, marking the 14th straight month of year-over-year increases.
Indianapolis builders saw the smallest monthly increase in applications in the past year in October, and six of the area’s nine counties saw declining permit filings
A new report from the Builders Association of Greater Indianapolis and MIBOR Realtor Association says builders have a long way to go if they want to keep up with the area’s future demand for new housing.
On a year-to-date basis, single-family construction permits in the nine-county area are up 19 percent.
Indiana-based Olthof Homes has filed plans to build 430 new homes in Westfield, including townhouses that would start at $150,000.
Indianapolis-area builders saw rising interest in new homes in June, but the growth rate in that demand declined to its lowest point in 14 months.
Single-family construction permit filings in the nine-county area have been on the rise in 28 of the last 30 months on a year-over-year basis.
The kind of housing that caters to millennials and empty-nesters is finally on the upswing in Noblesville—although the growth in single-family homes is still increasing, too, city officials say.
In a proposal that has already drawn criticism from neighbors, a developer has filed plans to build 42 townhomes and 25 single-family homes.
Brooks Farm would feature 314 homes built by two builders, including attached villas and single-family homes.
The increase stemmed from a sizable 4.5 percent rise in residential construction, the biggest percentage gain since November 1993.
Builders in the nine-county area saw the busiest April for permit filings since 2007.
A developer and the city of Elwood have broken ground on what is expected to be the largest residential development in the community of 8,500 people about 20 miles northeast of Noblesville.