April Residential Permit Snapshot for Phoenix Metro

Hope everyone is doing well and having a great start to the summer! Nice to get some rain in June! As always, a PDF (readable) version of the charts can be downloaded here.

For single family homes, the monthly total of 2,338 was 8.24% lower than the count from a year ago while the trailing 12-month number of 28,696 is 1.58% below the year ago number of 29,157. The current T-12 number is also 8.82% higher than the long-term average (since 2000).

On the stock market front, XHB (SPDR S&P Homebuilders ETF) is sitting at $95.95, down 8.81% YTD and 24.26% from its 52-week high of $126.09, which it hit on November 25, 2024. It continues to look like it’s building support after hitting its 52-week low of $84.48 on April 9.

Multifamily permits came in at 1,585, which was 6.45% higher than a year ago and was above 1,500 for the 2nd month in a row. The trailing 12-month count was 13,280, a retreat from the year ago number of 19,519 but still 46.56% higher than the long-term average (since 2000) of 9,061.

On the stock market front, FN18 (FTSE NAREIT Equity Apartments) is sitting at $664.15, down 12.09% YTD and 16.04% from its 52-week high of $791.04, which it also hit on November 25, 2024. This one hit its 52-week low on April 7, 2025 at $628.14.

The combined trailing 12-month permit count decreased 13.76% from the previous year and down 0.27% from last month, basically reflecting the large drop we’ve seen in multifamily permits. A year ago, the T-12 multifamily permits accounted for 40.10% of the combined number, while through April, they represented 31.64% of the total.

Since 2000, multifamily permits have made up 25.57% of the total permit count, so it appears the market is continuing to revert to the mean when it comes to the balance between multifamily and single family permitting.

Thanks for reading, as always, please reach out with anything we can help you with.

Thanks,

John & Ramey