After nearly a year of rising interest in new houses, the Indianapolis-area homebuilding industry saw demand shrink in June.
Builders in the nine-county area filed 802 single-family building permits during the month, down from 848 in June 2023, according to the latest statistics from the Builders Association of Greater Indianapolis, or BAGI.
For the first six months of 2024, permit filings were up 29% compared with the same period of 2023, from 3,788 to 4,878.
Permit filings had risen on a year-over-year basis for 11 straight months before June’s decrease.
On a national basis, authorizations for single-family homes decreased 2.3% in June to the slowest pace in more than a year, the U.S. Department of Commerce reported. The number of homes under construction dropped to the lowest level since the start of 2022.
Meanwhile, the latest index of builder sentiment from the National Association of Home Builders and Wells Fargo hit a low point for the year.
June single-family building permits filings by county and year-over-year change:
Hamilton: 257 (-6%)
Marion: 123 (+17%)
Boone: 109 (-11%)
Hendricks 68 (-58%)
Hancock: 87 (+74%)
Johnson: 91 (+184%)
Madison: 36 (-42%)
Morgan 23 (-38%)
Shelby: 8 (+167%)
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