New-Home Permits Through July Up 16%

The number of homes planned in Orange County has risen by 16% through the first seven months of the year, as builders scramble to complete more houses.

Through July, single-family home permits number 5,269, compared with 4,554 a year ago, a 16% increase. In addition, multifamily permits, which include condominiums and apartments, have risen 17% to 2,530 from 2,157, according to the Construction Industry Research Board, a Burbank-based real estate research firm.

Despite the increase, more homes are needed to prevent median prices from going higher, analysts said. Home prices, including new and existing single-family homes and condos, stood at $241,000 last month, matching a record set in May.

Orange County ranked fifth in the nation in demand for housing, with more than four new jobs being created for every new-home permit issued, according to a recent survey by the Meyers Group, an Irvine-based housing research firm. The industry benchmark for achieving a balanced market is one home for every 1.3 jobs created.