Single-family construction continued on a hot streak in November with 645 permits pulled, a 45% increase over this month last year. Multifamily construction slowed slightly with permits pulled for 691 units, falling 12% from November 2018.
“Our housing market is in desperate need of new single-family inventory,” said John Rask, president of Housing First Minnesota. “This end-of-the-year surge is much needed and is a great step in the right direction to balancing out our housing market.”
According to data compiled by the Keystone Report for Housing First Minnesota, there were 680 permits issued for a total of 1,336 units during four comparable weeks in the month of November.
“The greatest demand in our housing market is for single-family homes at entry-level prices,” said David Siegel, executive director of Housing First Minnesota. “Builders are working to meet this demand, but unfortunately building even townhomes at that price point is becoming increasingly difficult. While this surge in new housing inventory will help our interconnected market, it will do little to help our entry-level homebuyers who are facing great barriers to homeownership.”
For the month, Lakeville took the top spot with 66 permits issued. Cottage Grove came in next with 58 permits, followed by Blaine with 36 permits issued, Plymouth with 34 permits issued and Andover with 32 permitted units.
Read entire report HERE.