The Fort Myers housing market can be likened to a roller coaster ride over the last six years. The market emerged from nowhere to become a top-10 housing market as a wave of investors drove up home prices, and builders increased supply to meet demand. Reaching the top in 2005 after an unprecedented wave of construction and price appreciation, the descent has been rapid and resulted in a number of bankruptcies.
We have done a significant amount of work in Fort Myers, and we believe the market has reached bottom – a bottom that makes new home construction infeasible in all but the best locations. Sales velocity is improving across the metro area, driven by foreclosures and steep price discounts. In many submarkets of Fort Myers, we are seeing a stronger pace of sales, and these sales are based primarily on price. In one submarket, we saw 43 new homes (built after 2005) close over the last five months with a selling price under $100,000. As a result, homebuilders with existing inventory are forced to compete with these rock-bottom prices, and additional construction makes no sense.
We examine the Fort Myers housing market in more detail below:
Permits: In our last discussion of Fort Myers, dated January 2006 we noted that “while the demographics for housing are strong, they don’t explain a sustainable 18,000-unit per year surge in building permits.” This was certainly the case. Fort Myers permit issuance peaked in 2005 with nearly 30,000 permits issued, in comparison to the average permit issuance of 9,000 per year from 1997 to 2002 in the metro area. Additionally, the number of permits issued in 2005 was only slightly less than Orlando’s total permit issuance for the year, and Orlando’s population is more than three times the size of Fort Myers’!
Homes Sales: Resale home sales in Fort Myers also peaked in 2005, and dropped sharply thereafter, leaving a large amount of inventory in the Fort Myers housing market. The current resale home sales level is 10,840 – less than one-third the level of 2005, and slightly below the levels seen in 1998. Although total home sales velocity in Fort Myers has improved on a month-to-month basis, overall activity is below 1998 levels.
Home Prices: Home prices have fallen as a result of oversupply and weak demand. The current median home price in Fort Myers is $138,750 – a return to pre-boom 2002 levels.
Foreclosures: The turmoil in Fort Myers’ housing market has resulted in a rising number of foreclosures. Fort Myers currently ranks sixth in the nation for number of foreclosures, with one pre-foreclosure notice filed for every 66 households – six times the national average.
In summary, one of the first markets to decline seems to be finding bottom first. With a very small and declining economy, we suspect it will be a while before Fort Myers recovers. However, patient investors will probably be rewarded for buying well-located assets at below replacement cost.
This is the most current available data for all variables and markets.
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Permits Statistics
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Employment Statistics
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Affordability
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State
Metro Area |
Month
S. Fam. Permits |
Month
Total Permits |
Permits / Peak Permits
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1-Yr Growth
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1-Yr Growth Rate
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Unemp Rate
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Median Home Price
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Housing Costs / Income
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Housing Cycle Barometer
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| Alabama | ||||||||||
| Anniston-Oxford | 195 | 209 | 43% | 500 | 0.9% | 5.2% | $90,537 | 20% | 0.0 | |
| Auburn-Opelika | 916 | 1,117 | 51% | 900 | 1.6% | 4.6% | $138,475 | 29% | 0.0 | |
| Birmingham | 2,949 | 4,243 | 54% | 1,200 | 0.2% | 4.7% | $160,249 | 28% | 0.5 | |
| Decatur | 253 | 329 | 35% | 200 | 0.3% | 4.9% | $102,698 | 22% | 0.3 | |
| Dothan | 366 | 366 | 49% | (100) | (0.2%) | 4.9% | $95,023 | 21% | 0.0 | |
| Florence | 293 | 448 | 57% | 400 | 0.7% | 5.5% | $97,893 | 21% | 0.1 | |
| Huntsville | 2,372 | 3,140 | 63% | 4,900 | 2.3% | 3.9% | $127,909 | 20% | 0.0 | |
| Mobile | 1,507 | 2,263 | 74% | 1,400 | 0.8% | 5.6% | $133,172 | 28% | 3.6 | |
| Montgomery | 654 | 1,074 | 41% | 1,000 | 0.6% | 5.4% | $138,930 | 26% | 1.7 | |
| Tuscaloosa | 656 | 1,538 | 59% | 400 | 0.4% | 4.6% | $126,352 | 28% | 0.0 | |
| Alaska | ||||||||||
| Anchorage | 296 | 570 | 6% | 1,300 | 0.8% | 5.6% | $210,030 | 25% | 2.9 | |
| Arizona | ||||||||||
| Flagstaff | 325 | 337 | 25% | (200) | (0.3%) | 5.1% | $231,770 | 43% | 5.5 | |
| Phoenix | 14,818 | 23,323 | 34% | (42,300) | (2.2%) | 5.1% | $185,500 | 30% | 3.8 | |
| Prescott | 835 | 928 | 21% | (900) | (1.4%) | 5.5% | $203,698 | 41% | 4.2 | |
| Tucson | 3,062 | 4,002 | 31% | (5,300) | (1.4%) | 5.4% | $191,000 | 37% | 5.2 | |
| Yuma | 943 | 1,023 | 38% | (400) | (0.8%) | 22.7% | $171,000 | 37% | 5.5 | |
| Arkansas | ||||||||||
| Fayetteville | 1,448 | 2,856 | 38% | 1,500 | 0.7% | 3.5% | $117,615 | 19% | 0.0 | |
| Fort Smith | 522 | 755 | 57% | 0 | 0.0% | 4.3% | $79,574 | 16% | 0.0 | |
| Little Rock | 2,057 | 3,109 | 54% | 2,300 | 0.7% | 4.0% | $131,684 | 21% | 1.4 | |
| California | ||||||||||
| Bakersfield | 2,013 | 3,003 | 34% | 2,700 | 1.1% | 9.5% | $170,000 | 34% | 5.1 | |
| Chico | 601 | 648 | 33% | 100 | 0.1% | 8.5% | $245,000 | 51% | 6.2 | |
| El Centro | 289 | 397 | 18% | (500) | (1.1%) | 24.7% | $174,000 | 40% | 4.4 | |
| Fresno | 2,566 | 3,229 | 44% | (1,700) | (0.6%) | 9.7% | $185,500 | 37% | 5.3 | |
| Hanford | 273 | 283 | 21% | 400 | 1.1% | 9.5% | $165,000 | 33% | 5.7 | |
| Los Angeles | 4,190 | 14,134 | 20% | (16,800) | (0.4%) | 8.2% | $385,000 | 63% | 5.5 | |
| Madera | 306 | 309 | 14% | 300 | 0.9% | 8.9% | $180,000 | 40% | 5.7 | |
| Merced | 311 | 420 | 12% | 1,600 | 2.7% | 11.2% | $140,000 | 29% | 1.5 | |
| Modesto | 701 | 1,027 | 16% | (700) | (0.4%) | 10.6% | $180,000 | 32% | 2.5 | |
| Monterey | 375 | 876 | 31% | 1,400 | 1.1% | 6.8% | $297,500 | 46% | 1.8 | |
| Napa | 283 | 343 | 34% | (900) | (1.4%) | 5.3% | $425,000 | 55% | 5.3 | |
| Oakland | 2,292 | 4,906 | 21% | (19,400) | (1.9%) | 6.8% | $363,909 | 45% | 2.5 | |
| Orange County | 1,510 | 4,603 | 19% | (26,600) | (1.8%) | 5.8% | $500,000 | 59% | 5.6 | |
| Redding | 350 | 516 | 22% | (800) | (1.2%) | 9.6% | $222,000 | 44% | 5.6 | |
| Riverside-San Bernardino | 7,356 | 10,678 | 19% | (25,200) | (2.0%) | 9.2% | $225,000 | 36% | 4.2 | |
| Sacramento | 4,219 | 5,573 | 23% | (11,200) | (1.2%) | 7.4% | $240,000 | 35% | 3.4 | |
| San Diego | 2,332 | 6,008 | 14% | (5,700) | (0.4%) | 6.4% | $376,000 | 53% | 4.1 | |
| San Francisco | 706 | 3,832 | 57% | 6,100 | 0.6% | 5.5% | $745,000 | 87% | 6.6 | |
| San Jose | 1,177 | 2,799 | 28% | (1,500) | (0.2%) | 6.6% | $569,000 | 60% | 5.8 | |
| San Luis Obispo | 756 | 1,035 | 29% | (1,100) | (1.1%) | 6.2% | $426,000 | 73% | 6.5 | |
| Santa Barbara | 265 | 291 | 11% | (1,200) | (0.7%) | 5.5% | $277,909 | 44% | 1.5 | |
| Santa Cruz | 343 | 613 | 43% | 200 | 0.2% | 6.2% | $525,000 | 71% | 5.3 | |
| Santa Rosa | 671 | 860 | 15% | 1,400 | 0.7% | 6.1% | $376,000 | 52% | 4.6 | |
| Stockton | 1,045 | 1,259 | 18% | (700) | (0.3%) | 10.2% | $200,000 | 33% | 1.6 | |
| Vallejo-Fairfield | 308 | 612 | 10% | (1,800) | (1.4%) | 7.4% | $267,500 | 37% | 3.8 | |
| Ventura | 484 | 1,277 | 17% | (8,600) | (2.9%) | 7.1% | $440,000 | 51% | 4.9 | |
| Visalia-Porterville | 1,596 | 1,932 | 54% | (1,000) | (0.9%) | 10.6% | $170,000 | 34% | 5.0 | |
| Yuba-Sutter | 226 | 292 | 10% | (3,000) | (7.1%) | 11.2% | $171,000 | 34% | 2.8 | |
| Colorado | ||||||||||
| Boulder | 273 | 580 | 11% | 2,800 | 1.7% | 4.6% | $330,240 | 38% | 4.9 | |
| Colorado Springs | 1,896 | 2,298 | 21% | (100) | 0.0% | 6.0% | $195,000 | 26% | 1.6 | |
| Denver | 4,850 | 10,656 | 37% | 13,700 | 1.1% | 5.4% | $219,000 | 28% | 2.7 | |
| Fort Collins | 810 | 1,335 | 36% | 600 | 0.4% | 4.4% | $218,900 | 29% | 2.7 | |
| Grand Junction | 836 | 932 | 46% | 2,800 | 4.4% | 4.0% | $178,858 | 30% | 4.1 | |
| Greeley | 995 | 1,171 | 27% | 2,300 | 2.8% | 5.3% | $170,745 | 23% | 1.0 | |
| Pueblo | 425 | 439 | 31% | 600 | 1.0% | 6.6% | $95,489 | 19% | 0.0 | |
| Connecticut | ||||||||||
| Bridgeport | 849 | 1,607 | 31% | 1,500 | 0.4% | 6.0% | $416,594 | 44% | 0.0 | |
| Hartford | 1,383 | 2,259 | 21% | 8,100 | 1.5% | 6.6% | $241,199 | 32% | 2.5 | |
| New Haven | 666 | 1,019 | 14% | 300 | 0.1% | 6.8% | $262,270 | 37% | 3.4 | |
| Delaware | ||||||||||
| Dover | 952 | 1,137 | 52% | 0 | 0.0% | 5.2% | $195,593 | 34% | 6.2 | |
| Wilmington | 1,038 | 1,794 | 28% | 600 | 0.2% | 5.3% | $220,541 | 32% | 5.5 | |
| District of Columbia | ||||||||||
| Washington D.C. | 7,885 | 13,436 | 35% | 37,700 | 1.6% | 4.3% | $335,164 | 34% | 5.1 | |
| Florida | ||||||||||
| Daytona Beach | 1,066 | 1,479 | 19% | (1,500) | (0.9%) | 7.2% | $145,250 | 30% | 4.6 | |
| Fort Lauderdale | 1,097 | 2,771 | 14% | (10,100) | (1.3%) | 6.1% | $264,800 | 44% | 6.1 | |
| Fort Myers | 1,360 | 1,768 | 6% | (8,600) | (3.8%) | 9.0% | $138,750 | 24% | 0.6 | |
| Fort Walton Beach | 412 | 526 | 14% | (2,200) | (2.5%) | 4.7% | $198,315 | 31% | 5.0 | |
| Gainesville | 551 | 1,214 | 37% | 1,600 | 1.2% | 4.9% | $183,819 | 43% | 5.6 | |
| Jacksonville | 5,397 | 8,121 | 32% | (4,800) | (0.8%) | 6.5% | $185,000 | 31% | 5.8 | |
| Lakeland | 2,717 | 3,748 | 28% | (4,700) | (2.2%) | 7.8% | $145,000 | 30% | 5.4 | |
| Melbourne | 1,315 | 2,057 | 21% | (2,300) | (1.1%) | 7.2% | $148,750 | 27% | 5.0 | |
| Miami | 1,529 | 4,232 | 16% | (8,100) | (0.8%) | 6.1% | $269,000 | 54% | 7.0 | |
| Naples | 679 | 1,127 | 14% | (4,000) | (3.2%) | 8.4% | $265,000 | 40% | 4.1 | |
| Ocala | 1,489 | 1,532 | 21% | (2,000) | (1.9%) | 8.5% | $133,250 | 28% | 5.4 | |
| Orlando | 6,498 | 12,531 | 35% | 1,400 | 0.1% | 6.3% | $200,000 | 34% | 5.9 | |
| Panama City | 483 | 749 | 14% | (1,700) | (2.2%) | 5.4% | $194,364 | 36% | 6.2 | |
| Pensacola | 1,276 | 1,602 | 25% | (1,800) | (1.0%) | 6.1% | $151,254 | 28% | 3.9 | |
| Port St. Lucie | 1,217 | 1,560 | 15% | 200 | 0.2% | 9.2% | $153,464 | 27% | 4.0 | |
| Sarasota | 1,753 | 2,212 | 15% | (9,000) | (3.1%) | 7.3% | $198,950 | 35% | 5.6 | |
| Tallahassee | 1,342 | 2,092 | 49% | (2,200) | (1.2%) | 5.3% | $165,544 | 35% | 4.6 | |
| Tampa | 5,935 | 10,144 | 27% | (21,800) | (1.7%) | 6.9% | $160,000 | 31% | 5.3 | |
| West Palm Beach | 1,550 | 2,605 | 11% | (5,200) | (0.9%) | 7.3% | $255,000 | 41% | 5.6 | |
| Georgia | ||||||||||
| Albany | 317 | 403 | 32% | (800) | (1.2%) | 6.7% | $92,093 | 22% | 2.0 | |
| Athens | 666 | 828 | 35% | 1,400 | 1.7% | 5.6% | $138,639 | 30% | 0.9 | |
| Atlanta | 16,592 | 25,272 | 34% | (20,100) | (0.8%) | 6.3% | $155,450 | 22% | 1.5 | |
| Augusta | 2,028 | 2,439 | 45% | 400 | 0.2% | 6.7% | $116,068 | 22% | 1.3 | |
| Columbus | 842 | 1,241 | 55% | (600) | (0.5%) | 6.7% | $108,317 | 22% | 0.4 | |
| Dalton | 306 | 418 | 38% | (1,600) | (2.0%) | 6.8% | $110,272 | 22% | 2.1 | |
| Gainesville | 559 | 568 | 22% | 400 | 0.5% | 5.5% | $145,968 | 27% | 3.1 | |
| Macon | 698 | 1,031 | 55% | (200) | (0.2%) | 6.6% | $99,064 | 21% | 0.2 | |
| Savannah | 1,748 | 2,292 | 47% | (800) | (0.5%) | 5.8% | $149,237 | 28% | 5.0 | |
| Valdosta | 802 | 957 | 66% | (400) | (0.7%) | 5.8% | $110,616 | 26% | 2.9 | |
| Warner Robins | 746 | 951 | 45% | (200) | (0.3%) | 5.5% | $102,506 | 17% | 0.3 | |
| Hawaii | ||||||||||
| Honolulu | 710 | 1,600 | 32% | 1,100 | 0.2% | 3.9% | $591,722 | 73% | 5.1 | |
| Idaho | ||||||||||
| Boise City | 2,830 | 3,505 | 30% | (2,900) | (1.0%) | 4.7% | $181,626 | 27% | 3.7 | |
| Coeur D’Alene | 742 | 941 | 35% | (300) | (0.5%) | 4.3% | $184,510 | 32% | 4.9 | |
| Illinois | ||||||||||
| Bloomington | 323 | 476 | 28% | 500 | 0.6% | 5.8% | $149,487 | 25% | 0.0 | |
| Champaign-Urbana | 431 | 826 | 38% | (600) | (0.6%) | 6.6% | $140,799 | 27% | 3.8 | |
| Chicago | 7,806 | 18,892 | 43% | (8,000) | (0.2%) | 7.1% | $243,500 | 35% | 5.1 | |
| Decatur | 127 | 139 | 23% | 0 | 0.0% | 8.3% | $76,645 | 16% | 0.2 | |
| Lake-Kenosha | 1,256 | 1,482 | 23% | 2,600 | 0.6% | 6.9% | $254,348 | 30% | 2.3 | |
| Peoria | 875 | 1,079 | 56% | 1,500 | 0.8% | 6.3% | $122,160 | 21% | 5.3 | |
| Rockford | 465 | 641 | 24% | (200) | (0.1%) | 9.5% | $115,948 | 20% | 5.4 | |
| Springfield | 326 | 586 | 38% | (700) | (0.6%) | 6.6% | $109,403 | 19% | 1.8 | |
| Indiana | ||||||||||
| Bloomington | 319 | 647 | 53% | 600 | 0.8% | 5.2% | $125,816 | 26% | 0.5 | |
| Elkhart-Goshen | 407 | 625 | 38% | (5,000) | (3.8%) | 8.9% | $113,801 | 19% | 1.3 | |
| Evansville | 643 | 969 | 45% | (300) | (0.2%) | 5.5% | $95,764 | 18% | 1.1 | |
| Fort Wayne | 788 | 928 | 25% | 0 | 0.0% | 6.2% | $92,400 | 16% | 0.1 | |
| Gary | 1,492 | 2,043 | 44% | (200) | (0.1%) | 6.1% | $131,398 | 21% | 1.4 | |
| Indianapolis | 5,141 | 7,298 | 43% | (600) | (0.1%) | 5.5% | $114,611 | 18% | 0.2 | |
| Lafayette | 530 | 547 | 30% | (1,800) | (1.9%) | 5.1% | $109,662 | 22% | 0.0 | |
| Muncie | 80 | 84 | 15% | (500) | (0.9%) | 7.2% | $75,725 | 17% | 0.0 | |
| South Bend | 529 | 768 | 39% | (2,600) | (1.8%) | 7.1% | $86,271 | 16% | 0.1 | |
| Terre Haute | 159 | 294 | 43% | (1,200) | (1.6%) | 7.3% | $79,518 | 18% | 0.3 | |
| Iowa | ||||||||||
| Cedar Rapids | 771 | 988 | 48% | 1,100 | 0.8% | 4.5% | $133,585 | 23% | 3.6 | |
| Davenport | 506 | 950 | 62% | (100) | (0.1%) | 5.5% | $82,958 | 15% | 0.0 | |
| Des Moines | 2,187 | 2,910 | 46% | 1,700 | 0.5% | 4.0% | $155,748 | 23% | 3.7 | |
| Dubuque | 224 | 261 | 30% | 200 | 0.4% | 4.1% | $116,768 | 21% | 0.2 | |
| Iowa City | 654 | 740 | 44% | 200 | 0.2% | 3.4% | $151,235 | 27% | 0.1 | |
| Sioux City | 203 | 221 | 19% | (1,000) | (1.3%) | 3.9% | $88,932 | 17% | 0.2 | |
| Waterloo | 352 | 376 | 45% | 400 | 0.5% | 4.1% | $113,013 | 21% | 5.6 | |
| Kansas | ||||||||||
| Topeka | 514 | 762 | 55% | 1,600 | 1.5% | 5.2% | $107,808 | 19% | 3.0 | |
| Wichita | 2,028 | 2,613 | 57% | (2,100) | (0.7%) | 4.6% | $119,082 | 20% | 3.7 | |
| Kentucky | ||||||||||
| Bowling Green | 408 | 513 | 37% | 800 | 1.3% | 5.3% | $109,854 | 23% | 0.5 | |
| Lexington | 1,671 | 2,696 | 53% | 900 | 0.4% | 5.3% | $142,176 | 27% | 3.8 | |
| Louisville | 3,040 | 4,212 | 47% | 2,100 | 0.3% | 6.6% | $133,229 | 25% | 4.4 | |
| Louisiana | ||||||||||
| Alexandria | 499 | 515 | 54% | (100) | (0.2%) | 5.0% | $94,570 | 20% | 0.0 | |
| Baton Rouge | 2,974 | 4,830 | 53% | 1,200 | 0.3% | 5.0% | $162,646 | 27% | 3.1 | |
| Houma | 648 | 909 | 76% | 2,300 | 2.4% | 3.2% | $114,132 | 19% | 0.0 | |
| Lafayette | 980 | 1,293 | 25% | 2,500 | 1.7% | 3.5% | $130,322 | 24% | 0.0 | |
| Lake Charles | 761 | 837 | 56% | 500 | 0.5% | 4.7% | $106,169 | 19% | 0.0 | |
| Monroe | 277 | 347 | 29% | 100 | 0.1% | 5.7% | $94,538 | 20% | 0.0 | |
| New Orleans | 3,400 | 5,451 | 41% | 12,100 | 2.3% | 4.7% | $161,846 | 26% | 0.9 | |
| Shreveport | 1,109 | 1,676 | 55% | 2,800 | 1.6% | 5.7% | $135,959 | 27% | 3.8 | |
| Maine | ||||||||||
| Bangor | 325 | 564 | 57% | 200 | 0.3% | 5.0% | $130,052 | 26% | 3.0 | |
| Portland | 1,433 | 1,662 | 29% | 400 | 0.2% | 3.6% | $226,127 | 34% | 2.7 | |
| Maryland | ||||||||||
| Baltimore | 3,381 | 5,896 | 30% | 4,700 | 0.4% | 4.8% | $267,032 | 37% | 8.0 | |
| Bethesda | 1,609 | 2,452 | 20% | 6,900 | 1.2% | 3.3% | $424,000 | 42% | 6.8 | |
| Hagerstown | 1,215 | 1,527 | 37% | 500 | 0.5% | 5.1% | $184,823 | 28% | 2.8 | |
| Salisbury | 342 | 509 | 39% | (100) | (0.2%) | 5.1% | $152,281 | 29% | 3.9 | |
| Massachusetts | ||||||||||
| Barnstable Town | 575 | 758 | 15% | (1,300) | (1.1%) | 4.3% | $339,885 | 47% | 1.5 | |
| Boston | 1,422 | 4,127 | 39% | 17,800 | 1.0% | 4.5% | $355,673 | 45% | 4.2 | |
| Cambridge | 1,381 | 2,576 | 34% | 15,800 | 0.6% | 4.8% | $377,011 | 41% | 2.5 | |
| Michigan | ||||||||||
| Ann Arbor | 334 | 396 | 14% | (1,100) | (0.6%) | 6.4% | $173,194 | 26% | 0.0 | |
| Battle Creek | 78 | 94 | 15% | (1,000) | (1.7%) | 8.0% | $89,960 | 17% | 1.1 | |
| Detroit | 684 | 990 | 16% | (33,400) | (4.3%) | 10.4% | $90,312 | 18% | 0.0 | |
| Flint | 224 | 266 | 8% | (7,100) | (4.9%) | 10.5% | $92,821 | 19% | 2.1 | |
| Grand Rapids | 1,222 | 1,378 | 27% | (900) | (0.2%) | 7.4% | $106,292 | 19% | 0.5 | |
| Holland | 494 | 799 | 29% | (2,000) | (1.8%) | 7.2% | $144,653 | 22% | 0.6 | |
| Jackson | 143 | 285 | 28% | (1,000) | (1.7%) | 9.2% | $102,104 | 20% | 3.7 | |
| Kalamazoo | 592 | 816 | 33% | (1,700) | (1.2%) | 7.1% | $114,243 | 22% | 1.6 | |
| Lansing | 349 | 412 | 13% | (3,800) | (1.7%) | 7.2% | $96,338 | 17% | 0.0 | |
| Muskegon | 212 | 231 | 23% | (200) | (0.3%) | 9.1% | $92,415 | 19% | 0.1 | |
| Niles | 205 | 215 | 26% | (1,400) | (2.1%) | 8.2% | $123,496 | 25% | 5.1 | |
| Saginaw | 165 | 218 | 22% | (2,000) | (2.3%) | 8.5% | $64,011 | 14% | 0.0 | |
| Warren | 1,733 | 2,119 | 11% | (25,500) | (2.2%) | 7.8% | $154,473 | 21% | 0.0 | |
| Minnesota | ||||||||||
| Duluth | 632 | 802 | 47% | 200 | 0.2% | 6.5% | $113,475 | 22% | 6.5 | |
| Minneapolis | 5,030 | 6,636 | 24% | (3,300) | (0.2%) | 5.7% | $218,000 | 29% | 4.1 | |
| Rochester | 482 | 583 | 29% | 1,100 | 1.0% | 4.7% | $134,402 | 19% | 1.3 | |
| St. Cloud | 435 | 586 | 29% | (200) | (0.2%) | 5.7% | $137,010 | 23% | 3.5 | |
| Mississippi | ||||||||||
| Gulfport-Biloxi | 2,009 | 3,723 | 68% | (500) | (0.4%) | 6.2% | $135,529 | 26% | 1.4 | |
| Hattiesburg | 171 | 961 | 85% | (1,000) | (1.6%) | 6.6% | $99,239 | 23% | 0.0 | |
| Jackson | 2,210 | 2,268 | 50% | (2,000) | (0.8%) | 6.3% | $123,922 | 24% | 0.6 | |
| Pascagoula | 560 | 1,742 | 100% | 1,000 | 1.7% | 7.3% | $111,546 | 22% | 3.0 | |
| Missouri | ||||||||||
| Columbia | 702 | 852 | 36% | 900 | 1.0% | 4.7% | $129,218 | 26% | 2.4 | |
| Jefferson City | 171 | 184 | 16% | 300 | 0.4% | 5.6% | $109,488 | 20% | 3.3 | |
| Joplin | 208 | 280 | 38% | 600 | 0.8% | 5.7% | $85,936 | 21% | 2.7 | |
| Kansas City | 3,532 | 6,585 | 36% | (4,200) | (0.4%) | 6.2% | $145,186 | 22% | 0.0 | |
| Springfield | 1,239 | 2,934 | 57% | 2,500 | 1.3% | 5.3% | $121,015 | 26% | 3.4 | |
| St. Joseph | 107 | 129 | 30% | (400) | (0.7%) | 5.3% | $89,440 | 18% | 0.8 | |
| St. Louis | 5,609 | 6,845 | 37% | (11,100) | (0.8%) | 7.2% | $187,969 | 32% | 6.2 | |
| Montana | ||||||||||
| Billings | 603 | 628 | 43% | 1,400 | 1.7% | 3.2% | $137,893 | 24% | 0.6 | |
| Missoula | 382 | 536 | 48% | (1,400) | (2.4%) | 3.7% | $199,280 | 39% | 4.7 | |
| Nebraska | ||||||||||
| Lincoln | 769 | 968 | 36% | 1,400 | 0.8% | 3.0% | $132,092 | 21% | 2.0 | |
| Omaha | 3,222 | 4,878 | 74% | 1,900 | 0.4% | 3.6% | $136,476 | 21% | 2.8 | |
| Nevada | ||||||||||
| Las Vegas | 7,574 | 20,131 | 51% | (400) | 0.0% | 7.1% | $209,000 | 32% | 3.8 | |
| Reno | 1,243 | 1,527 | 24% | (4,900) | (2.2%) | 6.6% | $248,500 | 38% | 5.2 | |
| New Hampshire | ||||||||||
| Manchester | 462 | 762 | 11% | 0 | 0.0% | 4.2% | $201,107 | 22% | 0.6 | |
| New Jersey | ||||||||||
| Atlantic City | 767 | 878 | 22% | 300 | 0.2% | 6.7% | $251,727 | 44% | 7.0 | |
| Camden | 1,918 | 2,705 | 32% | 1,600 | 0.3% | 5.8% | $219,436 | 32% | 5.5 | |
| Edison | 3,046 | 5,780 | 24% | (6,000) | (0.6%) | 5.3% | $362,199 | 46% | 9.2 | |
| Newark-Union | 2,118 | 4,704 | 51% | (2,200) | (0.2%) | 5.7% | $404,983 | 54% | 6.9 | |
| Trenton | 316 | 602 | 17% | (1,400) | (0.6%) | 5.3% | $307,544 | 43% | 6.3 | |
| Vineland | 381 | 394 | 54% | (1,300) | (2.1%) | 8.2% | $158,599 | 31% | 5.8 | |
| New Mexico | ||||||||||
| Albuquerque | 2,286 | 2,860 | 32% | (600) | (0.2%) | 4.8% | $218,506 | 37% | 5.0 | |
| Las Cruces | 949 | 992 | 40% | 800 | 1.2% | 4.7% | $123,229 | 27% | 1.3 | |
| Santa Fe | 165 | 165 | 13% | (600) | (0.9%) | 4.0% | $262,084 | 38% | 2.5 | |
| New York | ||||||||||
| Albany | 1,318 | 2,451 | 46% | 1,400 | 0.3% | 5.0% | $200,314 | 33% | 5.0 | |
| Binghamton | 295 | 337 | 26% | (200) | (0.2%) | 5.6% | $118,759 | 24% | 4.4 | |
| Buffalo | 1,181 | 1,372 | 30% | 2,000 | 0.4% | 6.0% | $103,455 | 21% | 2.0 | |
| Glens Falls | 376 | 429 | 27% | (900) | (1.5%) | 4.9% | $151,538 | 30% | 3.7 | |
| Ithaca | 154 | 284 | 43% | 100 | 0.2% | 4.7% | $158,553 | 31% | 4.1 | |
| Kingston | 255 | 448 | 32% | 100 | 0.2% | 5.7% | $243,881 | 40% | 4.7 | |
| Nassau | 2,290 | 3,467 | 30% | 7,900 | 0.6% | 5.2% | $452,330 | 47% | 7.9 | |
| New York | 2,492 | 49,761 | 100% | 33,900 | 0.7% | 5.8% | $477,338 | 76% | 6.5 | |
| Poughkeepsie | 992 | 1,682 | 33% | 700 | 0.3% | 5.5% | $250,676 | 33% | 3.4 | |
| Rochester | 1,487 | 1,853 | 36% | (7,100) | (1.4%) | 5.7% | $118,237 | 21% | 3.8 | |
| Syracuse | 921 | 1,094 | 32% | (700) | (0.2%) | 5.7% | $119,386 | 23% | 3.7 | |
| Utica-Rome | 344 | 392 | 30% | (1,000) | (0.7%) | 5.3% | $105,371 | 23% | 3.1 | |
| North Carolina | ||||||||||
| Asheville | 2,313 | 3,045 | 71% | 2,100 | 1.2% | 5.5% | $180,822 | 36% | 4.9 | |
| Burlington | 872 | 924 | 46% | (700) | (1.1%) | 7.4% | $113,210 | 22% | 0.0 | |
| Charlotte | 9,752 | 15,241 | 61% | 10,900 | 1.3% | 7.1% | $168,000 | 27% | 3.4 | |
| Durham | 2,129 | 2,482 | 38% | 5,200 | 1.8% | 5.4% | $179,519 | 31% | 4.4 | |
| Fayetteville | 1,661 | 2,230 | 52% | 1,900 | 1.5% | 7.0% | $108,037 | 21% | 0.1 | |
| Greensboro | 2,561 | 3,821 | 60% | 2,700 | 0.7% | 7.1% | $149,777 | 29% | 0.2 | |
| Greenville | 907 | 1,903 | 74% | 1,500 | 2.0% | 7.5% | $110,139 | 23% | 0.0 | |
| Hickory | 1,083 | 1,128 | 46% | (1,500) | (0.9%) | 8.4% | $109,252 | 22% | 0.0 | |
| Raleigh-Cary | 8,885 | 14,708 | 83% | 10,600 | 2.0% | 5.4% | $205,000 | 29% | 3.7 | |
| Rocky Mount | 604 | 622 | 60% | 800 | 1.2% | 9.9% | $96,366 | 20% | 0.4 | |
| Wilmington | 4,084 | 4,929 | 54% | 2,800 | 1.9% | 6.1% | $206,055 | 38% | 5.1 | |
| Winston-Salem | 2,577 | 2,589 | 58% | 8,000 | 3.7% | 6.6% | $124,880 | 23% | 0.0 | |
| North Dakota | ||||||||||
| Bismarck | 625 | 956 | 87% | 1,200 | 2.0% | 2.8% | $134,881 | 20% | 1.4 | |
| Fargo | 1,015 | 1,625 | 58% | 800 | 0.7% | 3.1% | $138,609 | 22% | 1.1 | |
| Grand Forks | 182 | 240 | 36% | 1,100 | 2.1% | 4.1% | $124,185 | 23% | 3.0 | |
| Ohio | ||||||||||
| Akron | 1,028 | 1,238 | 31% | (900) | (0.3%) | 6.7% | $123,000 | 21% | 1.9 | |
| Canton | 394 | 515 | 33% | 600 | 0.3% | 7.3% | $95,638 | 17% | 0.0 | |
| Cincinnati | 3,727 | 5,203 | 33% | (1,200) | (0.1%) | 6.3% | $166,000 | 26% | 3.5 | |
| Cleveland | 2,670 | 2,975 | 37% | (5,500) | (0.5%) | 7.4% | $108,009 | 18% | 0.0 | |
| Columbus | 3,054 | 4,740 | 28% | 6,000 | 0.6% | 6.2% | $145,000 | 22% | 1.9 | |
| Dayton | 1,233 | 1,441 | 35% | (3,900) | (1.0%) | 7.5% | $107,705 | 18% | 0.2 | |
| Lima | 123 | 130 | 26% | 600 | 1.1% | 7.8% | $91,831 | 16% | 0.0 | |
| Mansfield | 96 | 148 | 25% | (700) | (1.2%) | 7.6% | $92,212 | 18% | 0.2 | |
| Springfield | 103 | 217 | 32% | (400) | (0.8%) | 7.5% | $98,046 | 17% | 0.0 | |
| Toledo | 907 | 1,513 | 37% | (5,800) | (1.8%) | 8.7% | $94,729 | 16% | 0.0 | |
| Youngstown | 438 | 534 | 28% | 1,300 | 0.5% | 7.8% | $69,221 | 13% | 0.0 | |
| Oklahoma | ||||||||||
| Oklahoma City | 4,260 | 5,007 | 23% | 7,800 | 1.4% | 3.8% | $129,649 | 22% | 2.9 | |
| Tulsa | 3,407 | 4,443 | 36% | (2,600) | (0.6%) | 3.8% | $126,048 | 21% | 0.1 | |
| Oregon | ||||||||||
| Bend | 857 | 984 | 22% | 600 | 0.8% | 6.8% | $231,213 | 36% | 5.4 | |
| Eugene | 739 | 974 | 35% | (500) | (0.3%) | 6.6% | $223,462 | 41% | 6.6 | |
| Medford | 479 | 536 | 25% | (300) | (0.4%) | 7.7% | $204,511 | 39% | 5.2 | |
| Portland | 5,125 | 9,365 | 47% | 2,200 | 0.2% | 6.1% | $272,500 | 40% | 7.5 | |
| Salem | 855 | 1,275 | 38% | 0 | 0.0% | 6.1% | $191,500 | 33% | 6.0 | |
| Pennsylvania | ||||||||||
| Allentown | 1,919 | 2,061 | 38% | (900) | (0.3%) | 6.0% | $244,582 | 39% | 7.6 | |
| Altoona | 71 | 225 | 45% | (300) | (0.5%) | 5.5% | $96,147 | 19% | 1.3 | |
| Erie | 355 | 527 | 52% | (100) | (0.1%) | 5.8% | $105,225 | 22% | 2.0 | |
| Harrisburg | 1,961 | 2,113 | 57% | 1,000 | 0.3% | 5.1% | $152,429 | 24% | 4.4 | |
| Johnstown | 123 | 139 | 37% | 200 | 0.3% | 7.1% | $84,448 | 20% | 3.6 | |
| Lancaster | 1,209 | 1,489 | 41% | 1,200 | 0.5% | 4.6% | $170,638 | 27% | 3.8 | |
| Philadelphia | 4,545 | 6,669 | 37% | (900) | 0.0% | 6.1% | $228,437 | 34% | 6.1 | |
| Pittsburgh | 3,300 | 3,866 | 55% | 3,800 | 0.3% | 5.6% | $120,864 | 23% | 2.5 | |
| Reading | 668 | 892 | 41% | (1,800) | (1.0%) | 5.8% | $151,224 | 25% | 4.6 | |
| Scranton | 994 | 1,115 | 51% | 2,200 | 0.8% | 6.6% | $127,582 | 26% | 4.9 | |
| State College | 438 | 481 | 44% | 300 | 0.4% | 4.7% | $160,359 | 32% | 4.2 | |
| Williamsport | 115 | 124 | 23% | (200) | (0.4%) | 6.0% | $114,800 | 24% | 3.0 | |
| York | 1,270 | 1,395 | 44% | 200 | 0.1% | 5.3% | $166,469 | 26% | 4.1 | |
| Rhode Island | ||||||||||
| Providence | 1,553 | 1,944 | 17% | (13,000) | (2.2%) | 8.5% | $261,542 | 41% | 4.4 | |
| South Carolina | ||||||||||
| Anderson | 736 | 799 | 41% | (500) | (0.8%) | 8.0% | $105,007 | 20% | 0.0 | |
| Charleston | 4,121 | 5,319 | 49% | (900) | (0.3%) | 6.5% | $214,000 | 35% | 5.0 | |
| Columbia | 3,860 | 4,992 | 62% | (700) | (0.2%) | 6.9% | $144,250 | 24% | 4.8 | |
| Florence | 623 | 987 | 75% | 100 | 0.1% | 8.6% | $99,473 | 20% | 0.0 | |
| Greenville | 2,922 | 4,099 | 73% | 5,900 | 1.9% | 6.8% | $145,000 | 27% | 5.4 | |
| Myrtle Beach | 2,382 | 3,856 | 33% | 1,300 | 1.0% | 6.6% | $183,366 | 34% | 3.0 | |
| Spartanburg | 1,203 | 1,203 | 44% | 3,200 | 2.6% | 8.1% | $127,435 | 24% | 4.3 | |
| South Dakota | ||||||||||
| Rapid City | 562 | 577 | 42% | 1,100 | 1.7% | 2.8% | $124,188 | 22% | 2.7 | |
| Sioux Falls | 1,112 | 1,909 | 76% | 2,700 | 2.0% | 2.6% | $137,874 | 21% | 0.0 | |
| Tennessee | ||||||||||
| Chattanooga | 1,473 | 2,036 | 53% | (800) | (0.3%) | 5.9% | $128,091 | 26% | 2.0 | |
| Clarksville | 1,088 | 1,552 | 48% | (1,100) | (1.3%) | 6.9% | $100,697 | 20% | 0.4 | |
| Jackson | 330 | 334 | 30% | 300 | 0.5% | 6.8% | $89,969 | 21% | 0.2 | |
| Johnson City | 705 | 1,133 | 79% | 300 | 0.4% | 6.1% | $114,741 | 28% | 1.1 | |
| Kingsport | 842 | 1,034 | 67% | 300 | 0.2% | 6.0% | $111,411 | 27% | 2.7 | |
| Knoxville | 2,624 | 3,320 | 51% | (600) | (0.2%) | 5.4% | $149,746 | 29% | 2.9 | |
| Memphis | 3,094 | 4,519 | 41% | (7,200) | (1.1%) | 7.1% | $112,183 | 22% | 0.0 | |
| Nashville | 6,780 | 8,917 | 49% | 200 | 0.0% | 5.7% | $152,500 | 26% | 4.2 | |
| Texas | ||||||||||
| Abilene | 233 | 245 | 12% | 900 | 1.4% | 4.2% | $110,000 | 23% | 5.1 | |
| Amarillo | 472 | 549 | 15% | 700 | 0.6% | 3.8% | $129,500 | 25% | 5.1 | |
| Austin | 9,210 | 15,683 | 59% | 18,100 | 2.4% | 4.5% | $194,000 | 29% | 5.0 | |
| Beaumont | 826 | 1,435 | 48% | 2,500 | 1.5% | 6.7% | $138,600 | 27% | 5.9 | |
| Brownsville | 1,274 | 1,532 | 39% | 1,900 | 1.5% | 7.4% | $102,500 | 29% | 4.9 | |
| College Station | 787 | 1,950 | 55% | 3,400 | 3.9% | 4.4% | $150,700 | 33% | 4.6 | |
| Corpus Christi | 1,378 | 1,733 | 28% | 2,300 | 1.3% | 5.2% | $135,800 | 29% | 5.4 | |
| Dallas | 14,025 | 31,063 | 42% | 44,600 | 2.1% | 5.2% | $162,100 | 24% | 3.0 | |
| El Paso | 3,023 | 3,922 | 61% | 8,700 | 3.2% | 6.4% | $133,300 | 33% | 5.2 | |
| Fort Worth | 8,146 | 12,135 | 32% | 15,200 | 1.7% | 5.0% | $117,700 | 18% | 3.7 | |
| Houston | 32,692 | 50,324 | 67% | 53,400 | 2.1% | 5.0% | $158,900 | 25% | 5.1 | |
| Killeen | 2,131 | 2,904 | 64% | 2,500 | 2.1% | 5.2% | $126,979 | 24% | 5.0 | |
| Laredo | 824 | 1,053 | 44% | 2,300 | 2.7% | 5.9% | $91,957 | 23% | 0.4 | |
| Longview | 253 | 322 | 20% | 2,300 | 2.4% | 4.4% | $123,800 | 26% | 5.0 | |
| Lubbock | 953 | 1,602 | 38% | (1,500) | (1.2%) | 4.1% | $116,800 | 25% | 5.0 | |
| McAllen | 3,590 | 4,560 | 49% | 8,600 | 4.1% | 7.8% | $106,500 | 30% | 2.5 | |
| Midland | 536 | 536 | 14% | 1,600 | 2.4% | 3.1% | $123,526 | 22% | 5.0 | |
| Odessa | 273 | 631 | 30% | 2,100 | 3.5% | 3.7% | $160,400 | 32% | 5.9 | |
| San Antonio | 6,588 | 11,267 | 51% | 17,000 | 2.0% | 5.0% | $152,000 | 28% | 5.1 | |
| Texarkana | 121 | 224 | 27% | 1,500 | 2.7% | 4.8% | $79,211 | 16% | 0.0 | |
| Tyler | 259 | 341 | 12% | 1,600 | 1.7% | 5.0% | $135,000 | 26% | 4.2 | |
| Waco | 680 | 898 | 30% | 1,800 | 1.6% | 4.8% | $109,400 | 24% | 1.7 | |
| Wichita Falls | 162 | 353 | 39% | 1,500 | 2.4% | 4.9% | $108,300 | 24% | 5.5 | |
| Utah | ||||||||||
| Ogden-Clearfield | 1,774 | 2,195 | 43% | (100) | 0.0% | 4.0% | $166,573 | 25% | 3.6 | |
| Provo-Orem | 1,436 | 1,955 | 30% | (2,200) | (1.2%) | 3.6% | $190,265 | 32% | 4.1 | |
| Salt Lake City | 2,220 | 3,795 | 31% | 3,500 | 0.5% | 3.8% | $225,654 | 35% | 5.7 | |
| St. George | 860 | 905 | 24% | (700) | (1.3%) | 5.2% | $196,349 | 37% | 3.8 | |
| Virginia | ||||||||||
| Charlottesville | 877 | 976 | 37% | (100) | (0.1%) | 4.1% | $226,421 | 35% | 4.3 | |
| Harrisonburg | 755 | 1,334 | 100% | 1,700 | 2.7% | 4.3% | $184,023 | 36% | 5.1 | |
| Lynchburg | 1,215 | 1,418 | 77% | 2,500 | 2.3% | 5.0% | $141,406 | 29% | 3.9 | |
| Richmond | 4,489 | 5,393 | 47% | 3,200 | 0.5% | 5.0% | $230,500 | 37% | 5.8 | |
| Roanoke | 818 | 893 | 46% | 1,000 | 0.6% | 4.5% | $146,524 | 28% | 4.1 | |
| Virginia Beach | 3,775 | 5,572 | 24% | 16,800 | 2.2% | 4.8% | $233,628 | 38% | 6.6 | |
| Winchester | 571 | 583 | 33% | 1,600 | 2.8% | 4.6% | $175,190 | 30% | 1.8 | |
| Washington | ||||||||||
| Bellingham | 506 | 709 | 28% | 1,300 | 1.5% | 5.6% | $249,802 | 43% | 5.4 | |
| Bremerton | 811 | 1,003 | 39% | 100 | 0.1% | 5.7% | $280,000 | 38% | 6.3 | |
| Kennewick | 1,010 | 1,074 | 33% | 2,500 | 2.7% | 5.6% | $162,578 | 25% | 4.3 | |
| Olympia | 1,284 | 1,603 | 50% | 2,300 | 2.3% | 5.7% | $242,669 | 34% | 6.6 | |
| Seattle | 5,876 | 15,850 | 57% | 38,500 | 2.6% | 4.6% | $387,250 | 47% | 6.9 | |
| Spokane | 1,385 | 1,716 | 39% | 500 | 0.2% | 6.2% | $179,000 | 32% | 6.0 | |
| Tacoma | 2,134 | 3,058 | 45% | 5,300 | 1.9% | 6.4% | $250,500 | 35% | 5.8 | |
| Yakima | 789 | 907 | 74% | 1,200 | 1.5% | 8.0% | $163,132 | 31% | 4.9 | |
| West Virginia | ||||||||||
| Charleston | 348 | 562 | 67% | (400) | (0.3%) | 3.4% | $126,229 | 23% | 0.5 | |
| Huntington | 169 | 223 | 35% | 1,600 | 1.3% | 5.1% | $87,911 | 19% | 0.1 | |
| Morgantown | 29 | 284 | 100% | 1,400 | 2.3% | 2.8% | $126,237 | 25% | 0.1 | |
| Parkersburg | 176 | 229 | 52% | (900) | (1.2%) | 5.1% | $88,434 | 17% | 0.0 | |
| Wheeling | 43 | 45 | 15% | 1,400 | 2.1% | 5.2% | $82,743 | 17% | 0.3 | |
| Wisconsin | ||||||||||
| Appleton | 544 | 632 | 29% | (600) | (0.5%) | 4.3% | $123,176 | 20% | 3.8 | |
| Eau Claire | 371 | 534 | 38% | (400) | (0.5%) | 4.1% | $118,579 | 22% | 4.7 | |
| Green Bay | 945 | 1,209 | 39% | (1,000) | (0.6%) | 4.7% | $143,841 | 25% | 4.5 | |
| Janesville | 294 | 336 | 26% | (1,900) | (2.7%) | 6.7% | $122,532 | 22% | 5.3 | |
| La Crosse | 344 | 462 | 55% | (1,100) | (1.5%) | 4.2% | $121,140 | 23% | 3.9 | |
| Madison | 1,038 | 2,325 | 38% | 1,300 | 0.4% | 3.6% | $227,057 | 35% | 5.9 | |
| Milwaukee | 1,541 | 3,149 | 37% | (7,700) | (0.9%) | 5.3% | $211,519 | 36% | 6.3 | |
| Oshkosh-Neenah | 444 | 589 | 40% | 400 | 0.4% | 4.4% | $119,000 | 21% | 3.7 | |
| Racine | 330 | 352 | 28% | (1,000) | (1.2%) | 5.9% | $150,984 | 25% | 5.5 | |
| Sheboygan | 138 | 220 | 30% | (1,000) | (1.5%) | 4.4% | $133,050 | 25% | 5.4 | |
| Wausau | 270 | 511 | 37% | (1,300) | (1.8%) | 4.5% | $123,596 | 21% | 4.9 | |
| Wyoming | ||||||||||
| Cheyenne | 208 | 218 | 25% | 900 | 2.0% | 4.2% | $133,421 | 22% | 0.0 | |
| Total Permits includes both single-family and multifamily residential permits. Total Permits/Peak Permits is the current 12-month total permit activity divided by the perak 12-month period since 1982. The Housing Costs/Income ratio assumes a 20% down payment paid over 7 years, and the remaining 80% amortized over 30 years at the current fixed rate. For more information on our Housing Cycle Barometer™, click here |
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