June Residential Permit Snapshot for Phoenix Metro

Hello all! As we wind down the summer break and get ready to send (or have already sent for you modified year rounders) the kids back to school, let’s take a look at June’s permit numbers.

For single family homes, the monthly total of 2,139 was 9.09% lower than the count from a year ago while the trailing 12-month number of 27,993 is 6.39% below the year ago number of 29,903. The current T-12 number is also 6.11% higher than the long-term average (since 2000).

On the stock market front, XHB (SPDR S&P Homebuilders ETF) is sitting at $105.03, barely staying on the positive side, up 0.51% YTD but still down 16.70% 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 1,296, which makes it 4 months in a row and 8 of the last 12 months in which permits exceeded 1,000. The trailing 12-month count was 13,588, which was a small drop from the previous month (-3.68%) after ticking up over the last two months. The current T-12 is still significantly below (-29.45%) the year ago number of 19,259 but well above the long-term average (since 2000) of 9,092.

On the stock market front, FN18 (FTSE NAREIT Equity Apartments) is down slightly (-1.51%) from last month at $459.13, down 6.70% YTD and 13.11% from its 52-week high of $528.33, which it also hit on November 25, 2024. This one hit its 52-week low on April 7, 2025 at $436.33.

The combined trailing 12-month permit count decreased 15.42% from the previous year. With both T-12 counts down YOY, it appears we’re moving towards our long-term (since 2000) average of 35,473 annual permits.

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

Thanks,

John & Ramey