Building Permits in Wilmington Rose in October
The South now makes up almost 2/3 of new home sales nationwide
Good Tuesday Morning! Welcome to the latest edition of Wilmington Weekly…
Building Permits Rise in Wilmington
In October, building permits rose in Wilmington, according to the latest data from the Census Bureau.
M-O-M: New private housing units authorized by building permits rose to 338 in October, up 14.2% from September but down slightly from August.
Y-O-Y: Building permits are down 14.6% from the same time last year.
Single-Family. New private housing units authorized by building permits (1-Unit Structures) rose to 207 in October, up 11.3% from September and down slightly from August.
Building permits are down 3.7% when compared to the same time last year.
State. New private housing units authorized by building permits for North Carolina rose to 9,180 in October, up 10.4% from September and the second-highest level all year.
Building permits are now up 35.4% from the same time last year.
Reminder. Nationally, building permits rose to 1.487M in October, up 1.1% from September and the second-highest level in the last five months. The South represented 56.7% of all the building permits nationwide.
The South Now Makes Up Almost Two-Thirds of New Home Sales Nationwide
New home sales in the South were up in October, despite a national drop, according to the latest data from the Census Bureau.
M-O-M: Sales of new single‐family houses in the South were at a seasonally adjusted annual rate of 440,000, up 2.1% from September and the highest level since June.
Y-O-Y: New home sales are up 19.2% when compared to the same time last year.
National. Sales of new single‐family houses were at a seasonally adjusted annual rate of 679,000 in October, down 5.6% from September but still up 17.7% when compared to the same time last year.
A big swing and a miss for economists who were projecting that that sales would actually rise 0.5% in October.
Months supply of new home sales for sale rose to 7.8 in October, up from 7.2 in September and the highest level since August.
Almost Two Thirds. The dominance of the South continued in October with new home sales rising while national sales fell. The South now represents 65.0% of ALL NATIONAL new home sales.
In Other News
BEN THERE DONE THAT: After almost 20 years, Ben David, the District Attorney for New Hanover and Pender Counties, is leaving office next year. In a letter released Monday afternoon, David says he will be leaving the DA’s Office effective Sept. 3, 2024…(WECT)
BIG BRUNCO: Mouhcine Guettabi, regional economist in Wilmington, presented an economic snapshot to the Leland Town Council at its November meeting. Guettabi said migration to Brunswick County and the region is contributing to the area’s economy…(Star News)
CASTLE HAYNE GLOW UP: Castle Hayne was the 21st city with the fastest-growing home prices in North Carolina, according to Stacker Media. The typical home value in Castle Hayne was $326,275, up 8.0% in jut one year and a whopping 69.2% in the last five years…(Stacker Media)
Hope everyone enjoyed this week’s Wilmington Weekly! As always, this newsletter is likely to change and evolve as time goes on. If you have any suggestions on what you would like to see in this weekly newsletter don’t hesitate to reach out to me. My email is tyler.cralle@townebankmortgage.com