Jun 28, 2022 - Real Estate

Tampa Bay area among top 20 U.S. metro markets for homebuilding

Illustration: Maura Losch/Axios

The Tampa Bay area is in the top 20 metro markets nationally when it comes to building new homes, per the latest analysis by real estate company Redfin.

What they found: The area had 12.5 single-family building permits per 10,000 people in the first quarter of this year, the 17th-most per capita among U.S. metros.

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 homes is one way to ease the affordability crisis.

Data: Redfin; Table: Thomas Oide/Axios

Zoom out: Single-family and multifamily building permits are up from pre-pandemic numbers in most U.S. metros, Redfin found.

  • Of note: Redfin defines "single-family" as buildings with one to four housing 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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