Quarterly Snapshot 4Q22 | Land | Houston is # 2 in the US for Single Family Permits in 2022
The Houston land market has been hot for several years and 2022 was an exceptional year finishing 2nd in the nation issuing 47,633 single family permits and 28,153 multi-family permits for a total of 75,786 total residential permits. This is an all-time high for the Houston MSA dating back to 1988, but supported more by multi-family permits in 2022 than in a typical year. Single family home sales topped 95,100 homes sold, down 10.9% from 2021, but 36,500 new home starts helped make for an incredible year. Factoring in this year-over-year decrease, single family home sales for 2022 was $39.3 billion, but down only 1.5% from 2021 at $40 billion with steady home sale price increases for half of 2022.