May Residential Permit Snapshot for Phoenix Metro

Better late than never? Hope you all had a great 4th! Apologies for getting this out a little bit late. June’s numbers will be available in a couple of weeks.

For single family homes, the monthly total of 2,264 was 19.09% lower than the count from a year ago while the trailing 12-month number of 28,164 is 5.17% below the year ago number of 29,700. The current T-12 number is also 6.79% higher than the long-term average (since 2000).

On the stock market front, XHB (SPDR S&P Homebuilders ETF) is sitting at $107.01, flipping to the positive side, now up 2.40% YTD but still down 15.13% 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 1,205, which makes it 3 months in a row of permit counts over 1,000 for the month. The trailing 12-month count was 14,127, which after last month, is the 2nd straight month the T-12 has ticked up from the previous month. However, it is still a dip of 26.01% from the year ago number of 19,094.

On the stock market front, FN18 (FTSE NAREIT Equity Apartments) is virtually unchanged from last month at $664.62, down 12.03% YTD and 15.98% 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 13.33% from the previous year. With both T-12 counts down YOY, it appears we’re moving towards our long-term (since 2000) average of 35,453 annual permits.

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

Thanks,

John & Ramey