Single-Family Home Construction Declines, But New Permits Offer Glimmer of Hope

As a REALTOR® working here in Salem and the Willamette Valley, I keep a close eye on the latest housing trends to help my clients make informed decisions. Recently, we've seen single-family housing starts drop 9.9% from June and 15.7% compared to last year, with total starts down 12.4%. Every region across the country experienced declines, and the Northeast led the way. Still, there’s a positive sign: building permits are up 5%, hinting that buyer interest and future demand remain, even as high mortgage rates and costs continue to shape the landscape. Understanding these shifts is key to navigating our local market with confidence.