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Des Moines-area residential construction continues to cool


New home construction in Greater Des Moines continued slowing down in October, with one-third fewer residential building permits issued than in October 2021, a review of communities’ building permit data shows.

Specifically, 253 residential building permits were issued in October in Polk County and the 13 communities monitored by the Business Record. A year ago, 376 permits were issued.

The slowdown in new home construction mirrors what is occurring nationally. The number of building permits issued for privately owned units dropped 10.1% in October from a year ago, the Census Bureau and Department of Housing and Urban Development reported. In October 2022, there were a seasonally adjusted 1.52 million permits issued; in October 2021, 1.69 million permits were issued.

The decline in the number of residential building permits issued coincides with the increase in interest rates for home mortgages. Last week, the 30-year fixed mortgage rate averaged 6.58%.

To view a spreadsheet of residential building permits issued by month in the Des Moines area in 2022, click here.

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