Based on residential permit data compiled by the Homebuilders Association of Southeastern Michigan (HBA), a total of 503 single-family permits were issued in Macomb, Oakland, St. Clair, and Wayne counties in August. The first eight months of 2017 now total 3,577 single-family permits issued, making it the best start to a year for new home permits since 2006 (5,305).
Additionally, 1,710 single-family permits have been issued in Oakland County, it’s best start to a year since 2005 (3,105). Through August, the average permit value for new homes in the first eight months of the year has increased by more than 8 percent, rising from $253,058 to $272,034 this year.
Wayne County permits come in the highest of the four southeastern Michigan counties with an average value of $285,295, aided by the strong market in western Wayne County. Oakland County was a close second at $281,385, while Macomb County totaled $254,892 and St. Clair County at $187,941. On a total volume basis, Oakland County has issued a total of $481 million permits so far this year, followed by Macomb at $289 million, Wayne at $175 million and St. Clair at $22 million.
With seven months of 2017 completed, the HBA’s econometric model currently predicts the yearly total should be 5,296 single-family permits issued, which will conclude the best year since 2006.
