NWA builds even as housing costs skyrocket
The Northwest Arkansas metro issued 29.8 single-family building permits per 10,000 people in the first quarter of 2022, the latest analysis by real estate company Redfin shows.
Why it matters: As the number of homes for sale remains near all-time lows and monthly mortgage payments are near their record high, building more housing is one way to ease the affordability crisis.
Zoom out: Single-family and multifamily building permits are up from pre-pandemic levels in most U.S. metros, Redfin found.
- Of note: Redfin defines "single-family" as buildings with one to four units and "multifamily" as buildings with five or more housing units.
Yes, but: "There still aren't enough homes to meet the pace of household creation, and we need to be more prepared when demand inevitably picks back up," said Redfin chief economist Daryl Fairweather.
The bottom line: Ramping up new home construction will help move the market toward balance, if only a little.
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