is down from last year

Home construction in the metro area, while attracting some first-time buyers clutching federal tax credits, still remains well off last year’s pace.

The number of building permits issued through July was down from 19.5 percent in Oklahoma City to 57.7 percent in Edmond, according to the Central Oklahoma Home Builders Association.

But builder Jeff Click, association president, saw a sign of strength in the month-to-month figures.

Oklahoma City, Edmond, Midwest City, Moore and Norman collectively issued 376 single-family building permits last month, 17.9 percent more than in June, which was about the latest that a buyer could have contracted for the construction of a house and claim the $8,000 tax credit for first-time buyers. Transactions have to close by Dec. 1 for a buyer to receive the credit.

"The July permit numbers are a significant indicator of whether the market is standing on its own two feet given that it’s the first month when figures weren’t affected by starts stimulated by the $8,000 first-time buyer tax credit,” Click said.

He added, "July continues an upwards trend in numbers, which is certainly an encouraging sign. However, they’re still within a safe margin from an inventory management standpoint.”