The national forecast for permitted homes in the nation for September 2023 is 1.543 million
Putnam County – According to numbers provided by Putnam County Mayor Randy Porter, there were 37 building permits issued in September for $6.2 million of construction, 22 of which were new single-family residential homes.
The number is up from September 2022 when 30 permits were issued for $7.7 million, 20 of those being new single-family homes, but it is down from last month when Putnam County saw 38 construction permits for $7.6 million worth of construction. Nineteen of those were for single-family, residential homes.
That number is down from the national average of permits issued which increased 6.8%.
In Aug. 2023, building permits in the United States rose to a seasonally adjusted annual rate of 1.541 million, according to tradingecomnomics.com. That was the highest level since Oct. 2022. The national forecast for permitted homes nationally in Sept. 2023 is 1.543 million (the final number has yet to be released).
Single family housing permits also increased nationally by 1.9% in August.
“The jump in permits suggested that new construction continues to thrive, driven by a shortage of homes available in the market, despite the dampening effect of rising mortgage rates on housing demand,” according to tradingeconomics.com.
In Putnam, the average price of newly permitted homes in August was $318,700 while September’s average price was $246,160. Porter says the lower costs could be because of decreased prices in building materials.
That is based on conversations he has had with contractors in the area.
“In the last few months, we have seen a decline in the average cost of the homes being built,” said Porter. “Some of that could be building materials lower than last year, but some could be contractors building more affordable homes with the higher interest rates.”
Here are the numbers for prior years as a comparison:
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