The total number of single-family permits issued across the U.S. during the first seven months of 2024 reached 599,308, reflecting a 13.7% increase compared to the same period in 2023, when 527,158 permits were issued.

Regional Single-Family Permit Growth

From January to July 2024, single-family permit growth was observed in all four major regions:

• West: 18.2% increase
• Midwest: 14.5% increase
• South: 12.4% increase
• Northeast: 9.8% increase

This upward trend indicates a nationwide surge in single-family homebuilding, driven by strong demand and favorable conditions in most markets.

Regional Multifamily Permit Trends

The multifamily permit landscape, however, experienced mixed results. While the Northeast, boosted by growth in New York, posted a significant 32% increase in multifamily permits, other regions saw declines:

• West: 31.2% decrease
• South: 22.7% decrease
• Midwest: 9.3% decrease

Overall, the total number of multifamily permits nationwide reached 279,618, a 17.2% decrease compared to the 337,730 permits issued by July 2023.

State-Level Trends: Single-Family Permits

From July 2023 to July 2024, 47 states and the District of Columbia recorded an increase in single-family permits. The increases ranged from a high of 39.4% in Arizona to a modest 2.1% in Rhode Island. Three states experienced declines:

• New Hampshire: -0.2%
• Hawaii: -2.7%
• Alaska: -10.4%

The ten states issuing the most single-family permits accounted for 64.0% of the total. Leading the pack was Texas, with 97,551 permits, representing a 15.6% increase over the same period in 2023. Florida followed with a 9.5% increase, and North Carolina showed an 11.8% increase.

State-Level Trends: Multifamily Permits

In contrast to single-family trends, only 18 states reported growth in multifamily permits, while 32 states and the District of Columbia experienced declines. Notable changes include:

• New York: +117.4%, from 10,110 permits to 21,981
• District of Columbia: -68.7%, from 1,969 permits to 616

The ten states issuing the most multifamily permits accounted for 64.7% of the total. Texas, the leading state, saw a 30.4% decline in multifamily permits. Florida, the second-highest state, experienced a 24.4% drop, while California, the third-highest state, recorded a 27.5% decrease.

Local Trends: Top Metro Areas

While local-level data reveals the top metro areas for single-family and multifamily permits, specific rankings and permit counts offer insights into growth hotspots and areas of decline.

Key Takeaways

• Single-family permits saw substantial growth across all regions, with the West showing the largest increase at 18.2%.
• Multifamily permits faced broad declines, except in the Northeast, driven by a sharp rise in New York.
• Texas and Florida continue to lead in both single-family and multifamily permits, despite declines in the latter.

This data underscores the ongoing demand for single-family homes, while multifamily construction continues to face challenges across most states, reflecting broader shifts in the housing market.

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A vacant storefront in Mandeville, which has hosted a variety of restaurants over the past decade, will soon welcome a new tenant: Newk's Eatery. This marks the national chain's first foray into the competitive New Orleans metro dining scene.

Set to open next spring, Newk's will occupy a 5,500-square-foot corner location in The Village Shopping Center on U.S. 190, according to Rhonda Sharkawy of Stirling Properties. The restaurant will also feature a 785-square-foot patio, offering additional outdoor seating.

Founded in Oxford, Mississippi, in 2004, Newk's Eatery has expanded to over 100 locations across 13 states, serving a casual menu of salads, sandwiches, and pizza. The company's headquarters are in Jackson, Mississippi.

Newk's was previously owned by Sentinel Capital Partners but was sold in 2023 to FSC Franchise Co., the parent company of Beef O'Brady's and Brass Tap. While Newk's already has a presence in Baton Rouge, Lafayette, Shreveport, and Monroe, this Mandeville location will be its first in the New Orleans metro area.

The Mandeville site has been vacant since last year, following the closure of Felix's Restaurant and Oyster Bar, which opened in late 2019 but was unable to sustain its northshore location. The space has a history of hosting a series of dining concepts. Before Felix's, the location was home to N'Tini's, a popular Chalmette transplant that thrived in Mandeville after relocating in 2007. The space briefly became Due North by Legacy Kitchen in 2017, and prior to N'Tini's, it housed Rockafeller's Steakhouse.

With Newk's set to make its debut in Mandeville, the brand aims to bring its signature casual fare to a bustling dining market and tap into the area's growing demand for diverse dining options.

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Cao, an entrepreneur known for turning around a bowling alley on the West Bank of Jefferson Parish, is making a $2 million investment to refurbish and reopen the long-closed Tiffany Lanes on La. 22 in Mandeville. The new venture, named Paradise Alley, is set to become the second bowling alley in St. Tammany Parish, joining the existing alley in Slidell.

"I think the area is primed," said Cao, highlighting the need for more family entertainment options, as the alley has been closed for over a year.

The upgraded Paradise Alley will feature 32 lanes, with a focus on league play during weekdays and open bowling on weekends. Friday and Saturday nights may also include live music, adding a fresh twist to the traditional bowling experience. "I'd like to open sometime in September," Cao mentioned, although the timeline depends on securing necessary permits.

From Banking to Bowling: Cao's Journey

Cao, who spent 17 years in banking and also works in real estate development, is no stranger to the bowling business. In 2016, he led a $2.5 million renovation of Westside Lanes in Harvey, transforming the 20-lane alley. "I learned a lot from that," he said, noting that Paradise Alley will be nearly twice the size of his previous project.

The 35,000-square-foot building in Mandeville has been extensively renovated. "I pretty much gutted everything," Cao said, mentioning the installation of new lanes and the removal of drop-down ceilings to create a more open, inviting atmosphere.

Bowling's Evolution in the U.S. and New Orleans

The U.S. bowling industry is still bouncing back from the challenges of the pandemic, but there's a rich history in the New Orleans area. Bowling surged in popularity during the 1950s and 1960s, with iconic local alleys like Bowlarama, Sugar Bowl Lanes, and Mid-City Lanes, which later became Rock 'n' Bowl, known as much for its live music as for its bowling.

While bowling's future was questioned in the early 2000s, Cao believes it remains an attractive entertainment option — if done right. "Bowling has evolved," he explained. "You have to offer more."

Modern bowling centers now emphasize open, updated facilities with enhanced lanes, better food options, and added entertainment to draw crowds.

What to Expect at Paradise Alley

Though Paradise Alley's menu will stick to classic bowling alley favorites like pizza, burgers, and fries, Cao promises a tastier experience. "It's tough to change the mindset of what bowling alley food is," he admitted with a laugh.

Weekends will likely feature live music or a DJ, but Cao doesn't plan to keep the venue open past midnight.

As Mandeville gears up to welcome Paradise Alley, Cao is hopeful that his blend of classic fun and modern amenities will create a vibrant new gathering spot for the community.

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The National Association of Home Builders (NAHB) reports that in the second quarter of 2024, second home areas accounted for 17.5% of single-family and 8.6% of multifamily construction. Recent NAHB research shows there are approximately 6.5 million second homes in the U.S., making up 4.6% of the total housing stock. For this analysis, "second home areas" are defined as counties where second homes represent more than 10.3% of the total housing stock, placing them in the top 25% of counties nationwide. A total of 788 counties fall into this category.

Single-Family Construction Trends

The market share of single-family construction in second home areas has increased by more than four percentage points over the past nine years. In the fourth quarter of 2015, second home areas had a 13.2% share of the single-family market, which rose to 17.5% by the second quarter of 2024. This figure is slightly lower than its peak of 18.3% in the first quarter of 2023.

The growth rate for single-family construction in second home areas hit its highest point in the third quarter of 2021, reaching 38.5%. The first decline in growth was recorded in the third quarter of 2022, followed by five consecutive quarters of decreases until early 2024. Between late 2015 and mid-2024, single-family construction in second home areas had an average growth rate of 9.1%, compared to 5.1% in non-second home areas.

Multifamily Construction Trends

While smaller, the multifamily market share in second home areas has also grown, rising from 5.5% in late 2015 to 8.6% in mid-2024—an increase of 3.1 percentage points. However, growth has been less consistent than in the single-family sector, with several periods of decline, including in 2017, early 2021, and the start of 2024. The most recent data shows an 11.8% drop in growth, down from a peak growth rate of 53.1% in the third quarter of 2022, indicating a slowdown in multifamily construction nationwide.

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Understanding Mortgage Prequalification vs. Preapproval

When buying a home, the terms prequalified and preapproved are often used interchangeably, but they have distinct meanings.

Prequalification vs. Preapproval

Prequalification is an informal initial step that gives potential homebuyers an idea of what they might be able to afford. It typically involves self-reported financial information and can be done online or over the phone. In contrast, preapproval is a more detailed process that requires lenders to thoroughly review your financial situation.

After this review, you'll receive a letter stating you've been preapproved for a mortgage up to a certain amount. While it's not a final commitment, it shows sellers that you're serious about purchasing a home.

What is Prequalification?

Prequalification helps homebuyers determine a rough budget for house hunting. The process involves providing income information and possibly undergoing a soft credit check, which doesn't affect your credit score. Based on this information, lenders give a general estimate of how much you might be approved for.

The process is simple—no mortgage application, fees, or financial documentation is needed. Prequalification can be done online and serves as a good starting point for understanding your potential buying power.

A Zillow survey found that about 27% of prospective buyers who haven't started working with an agent have been prequalified. While prequalification doesn't guarantee approval for a specific loan amount, it can help buyers narrow their options and begin discussions with lenders.

After prequalification, buyers usually receive a letter that can be shared with agents or sellers as proof they're engaging with a lender.

What is Preapproval?

Preapproval comes after prequalification and is a more formal step. It involves filling out a mortgage application, providing financial documentation (such as bank statements and paystubs), and undergoing a hard credit check.

According to Bank of America, "preapproval is as close as you can get to confirming your creditworthiness without having a purchase contract in place." Once preapproved, you'll receive a letter indicating the maximum loan amount you qualify for. While it's not a firm commitment, it typically lasts up to 90 days, depending on the lender.

Preapproval shows sellers you're serious about purchasing, which is an advantage in a competitive market. According to Zillow's 2022 Consumer Housing Trends Report, 85% of sellers prefer offers from preapproved buyers. Many real estate agents also favor showing homes to buyers with preapproval letters.

You can get preapproved with more than one lender, which may help you secure a better deal. Research from Freddie Mac found that obtaining multiple quotes could save buyers up to $1,200 annually. However, multiple mortgage applications within a short time frame may impact your credit score.

When to Get Prequalified or Preapproved

If you're just beginning to consider buying a home, prequalification is a simple first step. It offers a quick, hassle-free overview of your borrowing potential.

If you're ready to make a purchase, it might be better to skip prequalification and proceed directly to preapproval. Keep in mind that preapproval letters have expiration dates, so it's best to obtain one when you're prepared to start house hunting and make an offer.

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Mortgage Rates Drop Significantly From Last Year: What Homebuyers Should Expect Next

Mortgage rates are significantly lower than they were a year ago, based on the latest Freddie Mac data. Currently, the average 30-year fixed-rate mortgage is at 6.35%, while the average 15-year fixed-rate sits at 5.47%. "The 30-year rate remains unchanged from last week but is well below last year's 7.12%," writes Aarthi Swaminathan of MarketWatch.

What's next for mortgage rates? Experts suggest not to expect drastic changes. Mortgage rates often shift ahead of any Federal Reserve decision, so potential Fed rate cuts may already be reflected in the current rates, says Jacob Channel, senior economist at LendingTree. He notes that a larger-than-expected 50-basis-point cut from the Fed could lead to lower mortgage rates, especially if inflation slows more than anticipated or if economic conditions worsen. Meanwhile, Greg McBride, chief financial analyst at Bankrate, emphasizes that the extent of any rate declines will depend on the economy's health and the Fed's response.

Could rates drop further? Lawrence Yun, chief economist at the National Association of Realtors, predicts mortgage rates will decrease to 6.2% by September, resulting in more home inventory and buyers. However, rates are unlikely to dip to 5% or lower, given the federal budget deficit. Danielle Hale, chief economist at Realtor.com, anticipates rates at around 6.3% by the end of 2024. Channel expects 30-year fixed mortgage rates to hover between 6% and 6.5% in September, with a possibility of reaching the 5% range if economic slowdowns and further Fed rate cuts occur.

While rates are expected to decline, some experts, like Holden Lewis from NerdWallet, refrain from pinpointing exact figures. Lewis notes that mortgage rates may drop in September as inflation eases and the Fed cuts short-term rates for the first time since 2020.

How does this affect homebuyers? September is a slower month for the housing market, so minor rate reductions might not attract many buyers, says Lewis. However, as rates decrease, they could set the stage for a stronger buying season in the spring and summer.

Even with modest rate drops in September, they'll remain lower than they have been in the past year. This could boost home buying and refinancing activity, as prospective buyers and homeowners take advantage of better rates. That said, rates will likely still be higher than the ones many current homeowners locked in during the pandemic, meaning housing will remain costly and overall market activity may stay subdued, according to Channel.

Timing the market can be tricky. If you're able to afford a mortgage at current rates and have found the right home, buying sooner rather than later might be wise, says Channel. But if you're unsure about affordability or the rates aren't attractive enough to trade in your current loan, it's reasonable to wait.

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