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The average timespan from authorization to completion of a single-family home in 2017 was roughly seven and a half months, according to new Census Bureau survey data.
The range of completion times found in the 2017 Survey of Construction (SOC) was between less than a month to 77 months for a single-family home. Homes built for sale were completed fastest at 6.9 months, and homes built by owner were slowest, at 12.3 months, the National Association of Home Builders reports. As for when homes completed last year were sold, most were sold before construction started, 31.6 percent, and 28.8 percent were sold while under construction. Homes started in 2017 that have yet to be sold as of the first quarter of 2018 account for 11.6 percent.
The average time from authorization to completion also varies across divisions. The division with the longest time was New England (10.4 months), followed by the Middle Atlantic (10.3 months), East South Central (9.4 months), East North Central (8.2 months) and Pacific (8.5 months) in 2017. These five divisions had average time from permit to completion exceeding the nation’s average (7.5 months). The shortest period, 6.4 months, is registered in the South Atlantic division. The average waiting period from permit to construction start varies from the shortest time of 17 days in the Mountain division to the longest one of 39 days in Pacific.
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