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.
Despite the trend, the town of Garner’s permits were up 43 percent and Wendell and Zebulon were up 77 percent.
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 other Wake municipalities to see an increase in permits in addition to Garner, Wendell and Zebulon included 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.
Wendell and Zebulon combined had 147 permits requested in 2015 compared to 83 permits in requested in 2014.
Tim Minton, Executive Vice President of the Home Builders Association of Raleigh-Wake County said that he strongly suspects the numbers were up in Eastern Wake County due to the Wendell Falls subdivision.
Although Wendell and Zebulon are currently combined in their study, Minton said that because of the growth future studies may separate the two municipalities.
“There are more lots available in east Wake County and surrounding counties,” Minton said. “I think we’ll see an uptick in those areas until subdivisions are approved and started. We have demand, we don’t have lots available... so east Wake with more lots has clearly more appeal.”
Garner also jumped up from 67 permits last year to 96 permits in 2015, which Minton said is a “back to normal” number, since permits slowed last year.
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.