Little Rock Metro's Housing Permits Down in 2013

by Lee Hogan  on Tuesday, Aug. 12, 2014 12:51 pm  

Numbers were down across the board in the housing market in central Arkansas last year according to Metroplan's latest report on trends and demographics in the Little Rock-North Little Rock-Conway metropolitan area.

The total number of housing permits, 2,094 — including single-family and multi-family — was lower than numbers from the Great Recession and the lowest since 1992, the report showed. 

Sherwood and Hot Springs Village were the only cities in the MSA to see an increase in single-family permits. Conway was the only city to see an increase on the multi-family side.

Overall, permits were down 774 from 2012, and were down 230 in single-family and 544 in multi-family. Since 2010, single-family permits have fluctuated between 1,213 in 2011 and 1,511 in 2012. But multi-family permits have steadily declined from 1,795 in 2010 to 813 last year.

That decline has reshaped the housing permits landscape in the past few years. Since 2010, the total number of permits fallen from 3,236 to 2,094, and the single-family category has grown from 44 percent of the total permits to 61.2 percent in 2013.

Metroplan's review said multi-family markets are prone to cyclical swings.

"A local rebound in multi-family cannot be promised, but the national backdrop suggests it is a likely prospect, especially when coupled with the region's steady job gains in recent years and months," the review states.

The findings were part of Metroplan's Metrotrends Demographic Review and Outlook. To view the entire report, click here (PDF).

 

 

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