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