- HOUSING NEWS: RISING INFLATION AND HIGHER MORTGAGE RATES ARE WEIGHING ON HOUSING AFFORDABILITY
Posted July 20, 2022
Cincinnati, OH, July 20, 2022: New single-family home permits in Southwest Ohio were down 26% year to date (YTD) through May, and down 13.2% versus May of 2021, reported the Home Builders Association of Greater Cincinnati (HBA).
Hamilton County experienced the greatest decline across all four regional counties posting a decrease of 35.5% versus May of 2021, followed by Warren County (31.9% decrease). While Clermont County permit activity was up by 25% for May, YTD permits remain down (23.8%). Butler County permits were flat in May leaving them down YTD by 13.6%.
When comparing May of 2021 to May of 2022, the total number of single-family permits issued dropped by more than 400, representing a 26% decrease YTD.
“Challenges related to the cost and availability of materials and a shortage of skilled workers continue to plague the new home market. Additionally, rising inflation and higher mortgage rates are sidelining many buyers,” said Lora Brand, HBA Executive Director.
The top ten markets in the four-county Southwest Ohio region for single-family home permits through May were as follows.
Below are the number of single-family permits issued in the four-county Southwest Ohio area through May 2022, compared to the same period ending May 2021.
|CountY||May 2022||May 2021||% Change|