Sales declined 2.4 percent in July, to a 412,000 annualized pace, the fewest since March and weaker than economist predictions.
Growing demand for high-end, low-maintenance living is fueling an apartment-building boom in Indianapolis’ northern suburbs—and raising concerns among some leaders about the risks of adding too much too fast.
On a year-over-year basis, home-construction permit filings in the nine-county area have risen in 13 of the last 16 months.
The central Indiana home-construction industry saw its second straight month of improving activity in March following a bitter winter that slowed business.
Pricier houses are vanishing from the market faster than less-expensive homes due to a temporary bottleneck caused by rising demand and a slow recovery by builders.
Despite the monthly decline, year-to-date permit filings are up 18 percent over 2012. This year’s number through 11 months has already exceeded 2012’s full-year total.
Poised for a development boom in those heady days before the real estate market collapsed, Westfield appears back on track for growth. Residential activity never stopped, but builders are picking up the pace in response to increasing demand. If history holds true, a commercial construction blitz will come next.