Housing permits issued in area rose 19 percent in August

REAL ESTATE WATCH

October 06, 2002

The lowest mortgage interest rates since the 1960s again spurred housing construction during August in the metropolitan areas of Washington, Baltimore and Hagerstown.

Housing permits in those areas increased 19 percent over August 2001, said Robert J. Sheehan, president of Regis J. Sheehan & Associates, a management and market research firm based in McLean, Va.

Permits were issued in the Baltimore-Washington-Hagerstown region for 4,377 units in August vs. 3,691 units a year ago.

Multifamily permits increased 52 percent to 636 units from 419 units a year earlier. Single-family permits increased 14 percent to 3,741 units in August from 3,272 units a year earlier.

Housing permit activity declined 1 percent in the Baltimore metro area during August. A total of 947 units were issued permits vs. 960 units a year earlier. Multifamily permit activity dropped 32 percent; single-family permits increased 2 percent.

Permits increased 2 percent in the Hagerstown area during August.

Total permits in the region were up 6 percent during the first eight months of this year to 33,444 units vs. 31,664 a year ago.

Baltimore Sun Articles
|
|
|
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.