The National Association of Home Builders has reported that despite high mortgage rates, building permits for single-family homes have seen substantial growth, particularly in large metro counties.
NAHB Chairman Carl Harris highlighted that single-family construction is progressing better than in 2023, demonstrating a rebound in construction activity, especially in high-density areas.
The data reveals that large metro core counties experienced a significant increase of 17.6% in permit applications year-over-year, indicating a robust demand in densely populated regions.
Builders are adopting a spec building model, resulting in more speculative inventory, and they are prepared to offer aggressive discounts to stimulate sales if necessary.
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