San Antonio homebuilding up since COVID-19 pandemic
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.
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