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Twin Cities home builders enjoy robust May

Metro cities permit more than 1,100 homes in May

The Twin Cities has a dearth of new and existing homes for sale, but local builders did their part in May to create new supply as permits were up for both single-family and multifamily housing units. Even so, homebuilders say they could add even more supply if not for constraints that include the metro area’s shortage of developable lots, pandemic-induced supply chain disruptions and a lack of construction labor. David Siegel, executive director of Housing First Minnesota, said the Twin Cities market needs the additional supply. Homes are selling quickly, prices are rising, and inventory of new and existing homes is low, he noted.

Twin Cities homebuilding up 50% in March

Copy shortlink: Homebuilding in the Twin Cities was up 50% last month as buyers took advantage of persistently low mortgage rates. During March, builders were issued 631 permits to build single-family homes the most since at least 2004, according to a monthly report from Housing First Minnesota, a trade group that represents homebuilders. We are seeing the impacts of having the millennial generation at peak homebuying ages while boomers are also in the market for their move-down home, said Todd Polifka, 2021 president of Housing First Minnesota, in statement. All while there is a historic shortage of homes for sale in the Twin Cities.

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