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Read the article at the Missoula Current by Martin Kidson
Excerpt:
“…With interest rates the way they are, plus Covid, we've certainly seen a slowdown in overall permitting in the city from last (fiscal) year,” said Walter Banzinger, deputy director of Development Services. “We haven't seen as many multi-dwelling apartment units come online this (fiscal) year.”
According to building reports kept by the city, officials issued 96 building permits for housing last fiscal year, which rendered 467 housing units. But this fiscal year, the city has issued only 69 permits to create 111 housing units.
While the slowdown has many causes, Banzinger attributed it to recently high interest rates, which topped 7.79% in October. The average 30-year fixed mortgage has since fallen to around 6.67%, according to Freddie Mac.
“We still do have a housing need, and there's still pressure,” Banzinger said. “Some of the rental rates are coming down. But over all, we do still have a housing crunch and a housing issue here in the city. Missoula is a desirable place to live, but there's still not a lot out there in the housing market.”
The demand for housing continues to place upward pressure on housing prices, which ended 2023 with a median-priced home costing $539,500 in Missoula. That's up from $520,000 in 2022 and $450,000 in 2021.
Last year, the Missoula City Council approved a number of new subdivisions, including Icon Apartments, which will include 614 residential units on 44 acres. It also approved West End Homes, which will include 260 residential units, and Sapphire Place, which includes 300 units….”
