In December, 337 single-family home permits were issued in Macomb, Oakland, St. Clair, and Wayne counties, according to the Home Builders Association of Southeastern Michigan. This is up 79 percent compared to December 2018.
The total also is up 16 percent compared to an upward revised total for November 2019 of 291 permits (originally 259). The actual result for December was equal to the association’s econometric-based prediction.
“After an underwhelming 2019, it was exciting to see December new single-family home permits exceed the 300-permit threshold, especially during a month that usually sees a seasonal slowdown,” says Michael Stoskopf, CEO of the association. “For December 2019 to come in as the best December since 2005 (583) may be indicative of a trend to start 2020 as it relates to pent-up demand for new home product.”
The average new single-family permit value decreased 16.8 percent month-over-month and 21.9 percent year-over-year to $251,629.
The average single-family home sale price remained at $225,248, the same as November. This is a 5.7-percent increase from December 2018.
A total of 48 multi-family housing permits were issued in December. The number was more consistent with seasonal expectations. December was the slowest month of 2019, but the year-to-date total of 2,393 was up more than 100 percent over 2018 when 1,194 were issued.
Positive economic factors such as good 30-year fixed mortgage rates and relatively low crude oil prices remain bright spots.
Employment and the workforce stayed flat. The number of people employed was 1,939,608, the same as it was the previous month and up 1.5 percent from December 2018. The workforce also stayed the same month-over-month at 2,032,154. This was an increase of 2.3 percent from the previous year.
North American vehicle production decreased 14.2 percent month-over-month to 1,121,654 units. This is a decrease of 3.6 percent from December 2018.
Crude oil price per barrel was up 5.4 percent to $57.11 from November 2019. This was an increase of only 0.6 percent year-over-year.