Why a drop in Building Permits Bodes Well for our Market

by Coldwell Banker Evergreen Olympic Realty, Inc. on September 1, 2009

Below is a link to a good article in yesterday’s Olympian about the local housing market. Among other things, it provides some view to the future supply of new construction homes coming on the market.

Residential building permits are down across the country, and that is a good thing. The supply of homes on the market is already over 7 months (4-6 months supply indicates a balanced market).

Builders are clearly responding to the oversupply by moderating the pace of new construction. While we have a ways to go yet, this is helping to bring our market out of the doldrums and back to more sustainable times.


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