HOMEBUILDING PHOTO

Colorado Springs-area homebuilding increased slightly in March, as a shortage of homes on the resale side of the market and low mortgage rates helped spur demand for new homes. RICH LADEN, THE GAZETTE

The pace of Colorado Springs-area homebuilding rose slightly in March compared with the same month last year, according to a Pikes Peak Regional Building Department report:

PERMITS: The Regional Building Department issued 413 permits in March for the construction of single-family, detached homes in El Paso County, a 1% year-over-year increase.

TRENDING: The pace of homebuilding has climbed each month since June 2020 on a percentage basis; most of those gains were double-digit increases.

YEAR TO DATE: Through the first quarter of 2021, single-family building permits in El Paso County totaled 1,388, a nearly one-third increase over the same period last year.

FACTORS AT WORK: Low mortgage rates and a severe shortage of existing properties available on the resale side of the housing market have fueled the demand for new homes, local builders have said. The market has remained strong over the last year despite the COVID-19 pandemic.

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