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.
Area home builders saw more demand for new homes in the first quarter than they have since 2006, according to a report released Thursday by the Builders Association of Greater Indianapolis.
The 116 Towns project would contain seven buildings, with 31 units ranging from between 2,100 and 2,300 square feet and featuring as many as three bedrooms and bathrooms.
Builders filed 481 single-family construction permits in the nine-county area in February, a 37 percent increase over the 351 permits they filed in 2017.
It was the busiest January for builders since 2007, according to figures reported Monday by the Builders Association of Greater Indianapolis.
Area home builders in the nine-county area experienced their sixth straight year of rising sales.
The Indianapolis area is on pace to have its biggest year in new-home sales since 2007, when 7,331 building permits were filed.
Permit filings are up 6 percent so far this year in the nine-county area compared with the first 10 months of 2016.
Teachers’ Village in the St. Clair Place neighborhood will consist of 21 new or rehabbed houses priced below market, with the help of about $3.1 million in subsidies.
U.S. homebuilders are feeling more optimistic than they have in months, looking past a recent slowdown in new home sales and the risk of rising labor and materials costs.
Overall, single-family construction permits in the nine-county area are up 7 percent so far this year compared with the first eight months of 2016.
King Park Development Corp. is partnering with two builders on the project, known as Monon16, to bring a mix of affordable and market-rate housing to the up-and-coming King Park area.