In February, 279 single-family home permits were issued in Macomb, Oakland, St. Clair, and Wayne counties, according to a new report from the Home Builders Association of Southeastern Michigan in Bingham Farms.
The number may see an upward revision as some municipalities failed to report due to staffing absences as a result of the COVID-19 crisis.
While the number brings the total for November 2019-February 2020 to 1,299, permits the highest number for winter months since November 2005-February 2006’s 2,405, February’s result failed to exceed the 300-permit threshold, breaking a streak of 11 consecutive months.
“We are excited by the continued pace of new home permit activity this winter season,” says Michael Stoskopf, CEO of the Home Builders Association. “At the same time, the concerns surrounding the spread of COVID-19, especially in southeastern Michigan, make it likely that a slowdown is coming in March.”
Based on the new figures, the average new single-family permit value is $256,950, an 8.6 percent decrease from January 2020 and a 15 percent decrease from February 2019.
The average single-family home price has increased 6.1 percent year-over-year to $213,673. This is a decrease of 2.1 percent from the previous month.
Employment and the workforce stayed relatively flat, with values for both staying the same month-over-month. Employment increased 1.7 percent from last year to 1,939,960, while the workforce increased 0.7 percent from last year to 2,014,579.
North American vehicle production also stayed flat, with a 1.7 percent decrease from the previous month to 1,395,720. This is an increase of 2.6 percent from the previous year.
Crude oil price per barrel decreased 4.7 percent from the previous month to $58.34. The price is an 11 percent increase from the previous year.