Permits for new single-family homes were up 29 percent in June 2024 comparted to June 2023, according to a breakdown of permits issued across the Indianapolis metropolitan region by the Builders Association of Greater Indianapolis.
The report outlines another month of increased new single-family home permits for central Indiana, despite steady interest rates and increased home prices.
“Permit numbers in Central Indiana are indicative of a healthy market,” stated Steve Lains, CEO of BAGI. “Mortgage costs are still low in historical comparison. There’s record high home equity and a tight labor market. We’ve seen a smaller percentage increase in home prices in the past two years and a steady (although higher than we’d like) interest rate. All of these factors, in addition to the housing demand, point to a strong, balanced market.”
In Hamilton County, 257 new single-family home permits were issued in June, including 121 in Westfield, 45 in Noblesville, 42 in Carmel/Clay and 38 in Fishers.
In Boone County, 109 permits were issued, including 29 in Zionsville and 42 in Whitestown.
In Marion County, the total number of June permits was 123, including seven in Lawrence and 116 in Indianapolis.
Housing supply remains very low, adding to those increased permit numbers.
“Low, locked-in interest rates have locked people into their homes creating less existing inventory on the market and with delinquency rates at historical lows there are few distressed property sales,” Lains stated. “The only answer to demand currently is new home construction which is why it continues to grow steadily.”
Read the full June 2024 permit report at bagi.com/permits.
