One interesting measure of the housing market is new home construction. It is important to keep your eyes on how many new homes are being built. We do that by reviewing the number of permits pulled by contractors for new residential units. Here’s a historical look at the last 20 years:
You can see, there were 1,606 permits in 2005, and then home building fell a cliff. By 2012, there were only 241 homes built the entire year. Wow! That’s an 85% drop from peak to trough. Since then, new home construction in Yuma has been slowly recovering. 335 in 2013, 305 in 2014, 382 in 2015 and 449 last year in 2016.
Last month in July 2017, there were 33 new permits pulled. That is up from only 30 pulled in July 2016, and puts us up 5.9% over this time last year. (284 Jan – Jul 2017 vs. 268 same period 2016). If the trend holds true, we are on track to do roughly 473 this year, which will be an increase of about 5% over 2016.
New construction is just one indicator of the health of the housing market. If you are interested in talking more about whether or not now is a good time for you to buy or sell a house, please reach out! We would love to have a personal conversation with you.