South Florida’s quarterly single-family housing starts rose 9.4 percent in the third quarter and are up 41.2 percent from four quarters ago, according to Metrostudy, a national housing data and consulting firm.
In addition to the region’s tri-county area, the report also included Martin, St. Lucie and Indian River counties.
“The recent improvement is dramatic, but the level of construction is still one-third of ‘normal’,” said Brad Hunter, director of Metrostudy’s South Florida market.
Hunter predicts a robust increase in housing starts over the next several years.
Miami-Dade County saw a 6.9 percent increase in starts, bringing the four-quarter gain to 53.6 percent. Absorptions by move-ins went up 41.7 percent quarter in the quarter, and are up 35.7 percent versus a year ago.
Quarterly single-family housing starts in Broward County fell 2 percent in the third quarter of 2012 to 244, but were 5.2 percent higher than the year-ago pace. Quarterly move-ins fell 21.5 percent to 248, but that is 68.7 percent higher than the quarterly pace one year ago.
Palm Beach starts rose 15.5 percent in the quarter, to 508. That is up 60.8 percent versus one year earlier, and the highest level since early 2007. The pace of move-ins rose during the third quarter to 368, from 338 in 2Q12 and from 251 in the third quarter of 2011.