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South Florida Housing Starts Jump 41% Q3

South Florida housing starts jump 41% in Q3

Date: Monday, October 22, 2012, 2:33pm EDT
 

Housing contruction

Housing starts in South Florida rose in the third quarter compared to the prior year.

Reporter- South Florida Business Journal
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South Florida’s quarterly single-family housing starts rose 41.2 percent in the third quarter from a year ago and 9.4 percent from the prior quarter, according to new data from Metrostudy.

Starts remained higher than move-ins during the quarter, but move-ins have accelerated. Finished-vacant inventory rose slightly during the quarter in Miami-Dade, Broward, and Palm Beach counties, as homes ordered six months back were delivered to buyers.

In Miami-Dade, starts grew by more than 50 percent, year-over-year, and rose about 7 percent in the third quarter compared to the second. Move-ins rose 36 percent in the third quarter, year-over-year, and climbed 42 percent compared to the prior quarter.

Broward home starts were 5.2 percent higher, year-over-year, and had a 2 percent increase in the third quarter compared to the second quarter.

Quarterly move-ins grew 69 percent, year-over-year, and dropped 22 percent from quarter to quarter.

In Palm Beach, starts rose 61 percent in the third quarter compared to a year ago and climbed 15.5 percent from the third quarter to the second quarter.

Move-ins climbed 44 percent in the third quarter, year-over-year, and grew 9 percent in the third quarter compared to the second.

South Florida is mirroring the nation’s construction activity.

National construction permits for housing skyrocketed 45.1 percent in September, compared to the previous year, and jumped 11.6 percent from August.

Single-family construction permits rose 6.7 percent to an annual rate of 545,000, the highest since July 2008. Multifamily construction permits jumped more than 20 percent to an annual rate of 349,000, another rate not achieved since July 2008.

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