Housing Slowdown Accelerates; Major Metro Areas Slow While Smaller Metros Grow
With 921,494 permits pulled thus far this year, the year 2000 single-family housing market is running 4% behind last year's record pace. The slowdown is accelerating, as evidenced by 3rd quarter permits that are 7% less than the same period in 1999, and 5% less than 1998. While some are alarmed by the change of direction, the United States is still on pace to have the third best year for single-family housing in the last 20 years.
The slowdown in single-family construction is relatively uniform across the country, with 8 of the 15 largest housing states (all states with 20,000 or more SF permits so far this year) down 5% to 10% in comparison to last year. Texas (83,134 SF permits, up 5%) and Florida (81,680 SF permits, up 1%) are the only two major states with more year-to-date SF permits this year than last year.