The March figures are interesting. Single family permits were 21% ahead of March last year. Single family permits have historically risen during the first quarter of each year. The ever erratic multi’s were down 25%. I noticed a trend that I hadn’t detected before. Over the past few years multi’s have had a downward trend through the first quarter. Then they pick up. Since the gestation period of a multi-family project is so long, this pattern is probably meaningless.
Here is a link to the Florida Realtors website that provides a summary of home sales activity, http://media.floridarealtors.org/wp-content/uploads/2016/04/March-2016-Fla-single-family-summary.pdf. Total sales are down 10% versus last year, yet there were 10% fewer homes on the market this year. However, the average sale price is up a healthy 6% from the first quarter average of last year.
As I hurtled through space, one thought kept crossing my mind - every part of this rocket was supplied by the lowest bidder. – John Glenn