April 2023 Residential Statistics Report

April 2023 Residential Statistics Report

Kansas City Metro Building Permits Continue to Rise

April 2023 residential permit statistics indicate an increase over March 2023 when 359 permits were issued, according to the Home Builders Association of Greater Kansas City’s (KCHBA) monthly Residential Building Permit Statistics report. The 387 single-family permits issued in April brings the year’s total to 1,083 single-family units.

A lack of existing inventory and stabilizing mortgage rates have helped push single-family production up even as builders continue to deal with high construction costs, persistent labor shortages and tightening credit conditions for construction loans.

“Historically, the new home construction has accounted for about 10 percent of home purchase transactions, but today new homes account for more than 40 percent of active listings in the Kansas City market,” said Will Ruder, executive vice president of the KCHBA. “Current homeowners with a sub-three percent fixed rate mortgage are understandably more reluctant to sell, so it’s difficult to imagine an increase in the number of existing homes hitting the market any time soon. New home construction is going to be an increasingly important component of the regional housing mix. The industry stands ready to partner with communities across the metro as we seek to meet these significant housing needs.”

Once again, Kansas City, Mo., issued the most permits with 142 in April. Rounding out the top five were Olathe with 35 single-family permits, Overland Park with 27 permits, Spring Hill with 26 permits and Grain Valley with 23 single-family permits issued in April.

Click here to view the April 2023 Residential Statistics Report.

Additional Info

Media Contact : Kari English, kari@kchba.org

Powered By GrowthZone