Homebuilder permits fell 19% to 1,594 in October from September 2016 according to a new report issued by CohnReznick.
The number of 2016 approvals through October was also down 17% from the first 10 months of 2015.
Other Stats
+ The report found that 47.4% of October’s permits were for multifamily projects.
+ Contributing factors for the decline were “limited inventory due to stagnant pricing,” and longer permitting reviews slowing approvals.
+ Since July 2015, monthly changes in permits have alternated between gains and declines, the report said, with nine months up and seven months down.
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