Homebuilding retreats after hitting 'unsustainable' pace
The overall feel for homebuilding in 2022 was a return to normal — with the hope that it doesn't become the normal of 2009.
Through November, 12,750 housing permits were issued in 2022, a 13.2% decrease from the 14,700 permits approved over the same period in 2021, according to the Northeast Florida Builders Association. An example of the good times for the industry is Jacksonville-based Dream Finders Homes. It reported a stellar third quarter with homebuilding revenues up 117% to $784 million, compared to the third quarter of 2021 at $361 million.
"The rapid increase in mortgage rates has resulted in elevated cancellation levels, which caused net new orders to decline 15% when compared to last year's third quarter," Patrick Zalupski, Dream Finders Homes Chairman and CEO, told investors. Jacksonville saw a major master-planned community open with Seven Pines. The development calls for approximately 1,600 homes and about 1 million square feet of commercial space.
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