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Single-family permits up 65 percent in Wake through April

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New single-family building permits were up 65 percent in Wake County through the first four months of the year, according to data compiled by the Home Builders Association of Raleigh-Wake County.

Permits are up in all Wake County municipalities except Garner and Knightdale.

The biggest percentage increases were in Fuquay-Varina, Rolesville, and Wendell and Zebulon. Permits were also up 92 percent in Raleigh, 75 percent in Cary, 61 percent in Morrisville.

Activity picked up considerably in April, with permits rising 105 percent compared to the same month a year ago.

The rise in permits comes as the inventory of Triangle homes for sale continues to fall to record-low levels.

There were 7,667 homes on the market at the end of April, down 23 percent from a year ago and down 42 percent from two years ago, Triangle Multiple Listing Services data show.

There were just 1,294 new homes on the market at the end of April, down 50 percent from three years ago.

Those numbers reflect the fact that homebuilders today are building significantly fewer speculative homes than they did before the market correction.

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About the blogger

Business reporter David Bracken came to the N&O in 2004. He covers commercial and residential real estate. Contact David at 919-829-4548 or e-mail him.
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