New single-family housing building permits were down 7 percent in Wake County in February compared with the same period a year ago, according to data compiled by the Home Builders Association of Raleigh-Wake County.
Permits were also down 7 percent when comparing the previous 12 months to the 12-month period between March 2014 and February 2015.
Over that 12-month period, permits were down 13 percent in Cary, 36 percent in Knightdale, 49 percent in Rolesville, 10 percent in Apex, 14 percent in Raleigh, 1 percent in Fuquay-Varina and 2 percent in Morrisville. The Wake municipalities to see an increase in permits were Garner, where permits were up 43 percent; Wake Forest, where they increased 6 percent; Holly Springs, where they were up 11 percent; Fuquay-Varina, where they rose 1 percent; and Wendell and Zebulon, where they were up 77 percent.
The number of new homes on the market has been slowly rising in the Triangle but remains low by historical standards.
There were just 6,138 homes on the market in Durham, Johnston, Orange and Wake counties at the end of February, down 13 percent from the same period a year ago, Triangle Multiple Listing Services data show. The number of new homes on the market totaled 1,566, down 1 percent from a year ago and down 29 percent from four years ago.
The large inventory declines in new homes reflect both the lack of new construction and the sharp reduction in the number of spec homes available from homebuilders in the Triangle.
New homes have historically accounted for about a third of the inventory on the market in the Triangle at any given time. They now account for 25.5 percent.