The 2023 Housing Stat pack is finally here, compiling key data in the housing industry from 2009 through projections for 2025. Look at key permitted value and units permitted data by state, region, and metro. Learn more about our Spring event, April 23rd-25th in Nashville, currently the 11th metropolitan area in the nation for units permitted in 2023 after an impressive 27.7% YOY growth.

Key Call Outs for 2023

1. Single-Family Housing Starts:

– 2023 Overview: Despite predictions of a 15.5% decrease from the 2021-2022 boom, single-family housing starts only fell by 6.2% in 2023.
– Decade Growth: Over the past decade, there has been an increase of over 45% in yearly single-family housing starts.
– Future Projections: Expectations for growth are strong, with an 11.1% year-over-year (YOY) increase projected for 2024 and a 5.9 YOY increase in 2025.
 
2. Region and State Specific Growth:

– The East South Central region was the only region that saw an increase in both units and value. Tennessee saw the largest YOY growth in units by 10.6%, with Kentucky and Alabama also showing growth in the region at 3.7% and 2.0% respectively.
– North Carolina saw a large 6.6% YOY increase in permitted units with a 4.7% increase in permitted value.
– Indiana saw a decrease of 2.7% YOY in units, but overall permitted value growth of 8.1%.
– Nashville-Metro was ranked 11th in the nation overall for total units permitted, climbing from 18th overall in 2022 due to 27.7% growth
 
3. New Home Sales:

– 2023 Growth: There was a 4.3% YOY growth in new home sales, in contrast to a 19% decrease in existing home sales.
– 2024 Projections: New home sales are projected to grow by 12.6% YOY.
– Pricing Shift: The percentage of new homes selling for $500K or more jumped from 17% in 2019 to 37% in 2023.
 
4. Macro-Economic Factors:

– Mortgage Rates: The 30-year fixed mortgage rate was 6.73% in 2023, with projections pointing towards a decrease to approximately 5.9% by the end of 2024.
– GDP Trends: The Gross Domestic Product (GDP) rose by 2.4% YOY in 2023, with a projected increase of 1.4% in 2024.

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