Metro Home Building Starts 2010 on a High Note

March 25, 2010
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Category: News || Housing & Development | No Comments


March 25, 2010 – (RealEstateRama) — Single-family building units continued to rise in the Kansas City metro last month, marking a continued growth over 2009 building permit activity to-date. A seasonally adjusted 181 single-family units were permitted in February, up from the seasonally adjusted 153 in February 2009, according to statistics compiled by the Home Builders Association of Greater Kansas City (HBA).

January and February 2010 showed a steady incline in seasonally adjusted units year-to-date, totaling 401 in 2010 compared to 303 last year. The past four consecutive months have shown a continued year-over-year increase in 2010 over the same months last year. The increase in units is credited by many to the quickly approaching tax credit deadline and historically low interest rates.

With federal home buyer tax credits for qualified first-time and repeat buyers reaching an end, many realize they are facing a time crunch.

“Builders are working overtime with buyers to ensure they meet the upcoming deadlines,” said George Schluter, HBA Interim General Manager. “The quickly approaching deadlines are sure to bring buyers off the fence.”

Near-historic low interest rates are also credited as a driving force behind increased building activity. According to the National Association of Home Builders February 2010 House and Interest Rate Forecast, interest rates are expected to continuously rise from current rates to a forecasted 6.14 percent in 2011.

Kansas City, Mo., led the list of top-permitting cities in February with 66 single-family home units. Olathe ranked second with 46 units, followed by Overland Park with 27 and Lee’s Summit with 26. Rounding out the top ten were Shawnee with 13; Independence and Gardner tied with 11; Platte County with 10; and Lenexa and Kansas City, Kan./Wyandotte County both with 7.

The Home Builders Association of Greater Kansas City (HBA) is the voice of the housing industry and the source for housing information. Comprising approximately 1,000 member companies, the HBA represents an industry that contributes more than $2.5 billion to the Kansas City economy and supports more than 36,000 jobs in the Greater Kansas City metropolitan area

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