Dive Brief:
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The hottest housing market right now might be Myrtle Beach, SC, where construction permits for new homes grew by 100% in the past year, according to listing website NewHomeSource.com.
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That’s a greater increase than any other metropolitan area in the country, and double that of Grand Rapids, MI, which weighed in at No. 2 in growth of permits issued.
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Greenville, SC, came in third, with 36% growth in new home permits.
Dive Insight:
It's not unusual for a coastal city to outpace other areas when it comes to growth of housing permits. But Florida and California cities traditionally outrank other metros on those lists. As those those larger markets dig out from under a high number of recession-era foreclosures, however, new construction has made a better showing in some smaller markets, according to Blair Kuhnen, the website’s marketing director.
Myrtle Beach issued 402 permits in September, double the average 201 per month it approved in 2013.