If you build, they will buy. At least that’s what developers seem to be betting on as building permit across the southland have hit a 14-year high, according to DQNews/CoreLogic, as reported by the O.C. Register.
Census data shows builders in a five-county region (excluding Ventura County) filed 6,482 permits to construct single-family homes in Q1, the busiest start of a year since 2007. The total also represents a 17 percent increase over the past five-year average.
The O.C. Register notes that new builds have become an “affordable” option in this market, as builders have refocused on lower-cost offerings, especially in inland communities.
Data from DQNews/CoreLogic highlights that builders closed sales on 5,650 new homes in Q1 across the six-county region—the fastest-selling start of a year since 2008. The Register reports that sales in Los Angeles, Orange, Riverside, San Bernardino, San Diego and Ventura counties jumped 31+ percent year over year.
Riverside and San Bernardino counties saw the largest new build returns, where new home-home sales were up 39 and 36 percent, respectively.
Read more from the O.C. Register here.