San Antonio homebuilding up since COVID-19 pandemic
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More than 1,686 new home building permits were issued in May in the San Antonio area, up from 1,184 issued in May 2020, in the early stages of the pandemic.
- That's per a new Axios analysis of Census Bureau data.
Why it matters: A post-pandemic nationwide housing shortage is keeping prices high.
- A bump in new home construction, however, could bring prices down.
Yes, but: Mortgage rates remain high, making it more difficult for buyers to decide on a new home.
By the numbers: In May, around 67 permits were issued per 100,000 residents, up from 57 permits per capita issued in November 2019.
- Nationwide, that number was 42.3 new home building permits per 100,000 residents.
State of play: While many newly built homes have been targeted at (and thus priced for) relatively wealthy buyers, homebuilders are starting to focus on more affordable projects for first-time homebuyers, per Axios' Matt Phillips.
What they're saying: "It's a renewed focus, given the lack of inventory," Robert Dietz, chief economist at the National Association of Home Builders, told Axios.
- "First-time buyers are going to play a key role in the order expansion for homebuilders going forward."
Of note: A majority of the local building permits issued in May were for single-unit housing.