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Joey Berger
R E A LT O R
Copyright: Dmitry Kalinovsky
Oakland County’s
Negotiating Specialist!
248-670-2514
jberger@kw.com
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2070410
New Housing Permit Activity
Unexpectedly Slows In May
B
ased on residential permit
data compiled by the Home
Builders Association of
Southeastern Michigan (HBA), a total
of 374 single-family and 70 multi-
family permits were issued
in Macomb, Oakland, St.
Clair and Wayne counties in
May 2016.
In a month that histori-
cally sees a dramatic rise in
single-family permits from
April, this year, the single-
family permit total was more Michael
than 7 percent lower than
Stoskopf
April 2016 and down over 13
percent from May 2015.
“From an econometric perspective
— on which HBA’s new housing per-
mit forecast is calculated — there is no
reason why permit activity shouldn’t
be in the 500-permits per month range
as far as May 2016 is concerned,” said
Michael Stoskopf, CEO for HBA of
Southeastern Michigan.
“My conversations with new home
builders in the region indicate that
buyer activity has seemed to slow
down earlier this year than in past
years. That reduced activity and the
strain on trade subcontractors to
handle increased workloads seem to
be the two primary reasons for
the slowdown.
“The single family permit
activity that started 2016 out
on its fastest pace since 2006
lost its momentum in May,
now falling back to 2014 levels,”
Stoskopf continued. “With that
said, 2016 is still doing signifi-
cantly better than 2015 through
the first five months of the year,
even with May’s slowdown.”
With exactly 1,500 single-family
home permits issued in 2016, the total
is more than 10 percent higher than
the five-month total in 2015.
For multi-family permits, activity
continues its tremendous growth with
a total of 540 units issued thus far in
2016, an increase of nearly 40 percent
over the same timeframe in 2015
(387).
*
MAY HOUSING PRICES
Michigan housing prices are continuing to rebound but are still below the pre-
recession peak, according to data from the Michigan Realtors association.
The average housing price was $138,801 during the first four months of 2016,
up 3 percent compared to the same time period in 2015, while the number of
sales were up 8 percent.
The average price of a home sold in Oakland County in May was $247,229.
*
WSJ NAMES DETROIT
SECONDWORST
CITY TO LIVE IN
The Wall Street Journal, in its
June 28 issue, named Detroit as
the second-worst American city
to live in; only Miami is worse,
according to the newspaper.
“The median value of homes in
Detroit is just $41,900, less than a
quarter of the national median home
value. The incredibly low value hous-
ing market is not an especially positive
signal, and the economic circumstanc-
es of many residents mirror the poor
000000
22 July 7 • 2016
health of the real estate market. Close
to two out of every five city residents
lives in poverty, roughly two and a half
times higher than the national poverty
rate,” according to the WSJ.
*