After a fast pace during the first half of the year, new housing starts are beginning to level off in Johnston County.
In October, 146 permits for new single family homes were issued by the Johnston County Inspections Department. That is down slightly from 148 new homes permitted a year ago, October 2017.
“The housing numbers are leveling out some, because we have sold a record number of permits that have to be serviced,” said Dean Barbour, Director of the Johnston County Inspections Department. “The number of housing permits that are being inspected daily have set all time inspection records and continue to increase. The supply and demand for new houses are slowing nationwide by 15% while the market here has been good for so long it’s just starting to adjust.”
Barbour added, “The numbers that we compare with are from the same month a year ago which was a record year. The housing market should level out during the last quarter of 2018, and start increasing with the spring housing starts. The market needs to adjust some, and maybe building materials will come down and we can have more affordable housing to market.”
The average value of a new home permitted last month was $191,915 up from $181,273 compared to a year earlier.
No townhome permits were issued last month compared to 3 in Oct. 2017.
19 permits were issued for manufactured homes up from 12 a year ago the same month.
The Inspections Department collected $205,736.40 in fees, down from $238,619.70 in October 2017.
Inspectors passed 5,421 inspections and failed 1,691.