New private housing units authorized by building permits for single family structures in Minnesota has been on a steady decline since March of 2022. Building permits had stagnated from May of 2021 until a brief spike in November of 2021. The recent steady decline is expected with the rising mortgage rates of the past few months. This is another indicator of the current slow down in the upper Midwest real estate market.
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Source: https://fred.stlouisfed.org/series/MNBP1FHSA
