Fewer people own their own homes now than since the mid-1990s, not necessarily because they don’t want to buy, but because they can’t. Apartment rents and occupancy rates are as sky-high as all those new, under-construction and just-announced apartment buildings.
New home starts in Mecklenburg County for 2013 continued their surge in March, as did new home prices. As of March 31, the county had issued 834 building permits for the benchmark detached single-family home. That’s up nearly 33 percent over the first three months of last year, according to an analysis of county records.
“New-home sales are way up, so much so that we’re selling off our inventories, which are still historically below accepted equilibrium levels,” said Alan Banks, president of the Home Builders Association of Charlotte.
According to just-released, year-to-date data compiled by the Home Builders Association of Charlotte, Mecklenburg County had issued 1,911 building permits worth $300.5 million as of Oct. 31 for the benchmark single-family detached house.
Builders are putting up more houses than they have in nearly four years, a long-awaited recovery that could help energize the U.S. economy.