Developers obtained 18,600 building permits for homes and about 9,400 multi-family permits last year.
Sales of land parcels for residential development spiked in the final six months of 2016. The median price for land was up 30 percent in 2016 from the previous year.
New home prices have remained very consistent from 2014. The median new home sales price in 2016 reached $301,000, up about 1 percent from the 2015 median price, Colliers reported.