Roseville, Minn – Metro homebuilders had another positive month of permitting activity with 462 permits pulled for single-family homes in February, a 113% increase from the same time last year.
Activity in the multifamily construction sector, however, continued to see decreases in overall activity with permits pulled for 495 units – a 42% decrease compared to this same time last year.
“Mortgage rate shock is starting to wear off for a lot of buyers, they’re just ready to jump back into the housing market,” said Art Pratt, 2024 board chair of Housing First Minnesota. “As we gear up for the Spring Parade of Homes, the spring housing market is poised to burst into action, and we’re anticipating strong traffic.”
There were 472 permits issued for a total of 957 units during four comparable weeks in January, according to the Keystone Report.
“The positive trend we’re seeing in new home construction is reflective of the eagerness Minnesotans are feeling for new homes of all types,” said James Vagle, CEO of Housing First Minnesota. “The legislature is in a unique position this session to modernize zoning in our state that would allow more homes of all price points and sizes to be built.”
For the month in permits, Woodbury took the top spot with 41 permits issued. Cottage Grove came in next with 38 permits. Rogers was third highest with 37. Lakeville was fourth with 36 permits and Corcoran rounded out the top five with 28.
For the month in units, Prior Lake came in on top with 206 permitted units. Minnetonka came next with 199 units, followed by Otsego with 80 units. Woodbury came in fourth with 41 units. Cottage Grove rounded out the top five with 38 permitted units.
