Orlando Real Estate

April New Home Consctruction Numbers

May 16th, 2007 11:34 AM by David W. Welch

New home construction nationally was actually up in April compared to March, but there was a continued decline in building permits. Of course the news makes it sound devastating by saying things like "plunged by the largest amount in 17 years." The reality is that new home permits are down less than 9% compared to last year, and new home construction overall is down nearly 26% so far this year. Keep in mind though that new homes lag because of the development and construction time frames. These numbers are compared to last year at this time when new home construction was still going gang-busters. With all the doom and gloom in the press the median price nationally is down only 1.8%.

Locally, our median price in April was down about 3% compared to last year, but that could be expected since we were one of the hottest markets in the country. Of course Orlando remains one of the most desirable places to live, and the number one job market in the nation. Look for things to pick up over the summer.

Posted in:General
Posted by David W. Welch on May 16th, 2007 11:34 AM

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