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October 26, 2022 Market Update

Wednesday, October 26, 2022   /   by Bryan Baylon

October 26, 2022 Market Update

Dramatic trends are reported by the Census Bureau for building permits in Central Arizona. For Maricopa and Pinal Counties in September we saw only 1,485 single-family building permits. This is the lowest monthly total since February 2017 and down 36% from September last year. The single-family builders are slamming on the brakes.

The multi-family construction industry is going in the opposite direction at top speed. There have been 5,559 units of multi-family housing added to permits during the third quarter of 2022. This is up 47% from last year and almost the highest quarterly total we have ever seen. It is clear that 2022 will go down as the busiest year ever for multi-family permits.

It is odd that the two types of permits are going in opposite directions so quickly. For more details please refer to the charts in the Cromford® Public section of the website.

Market insights provided by the Cromford Report.
Keller Williams Northeast Realty - The Baylon Group
Bryan Baylon
2005 W. Happy Valley Rd #150
Phoenix, AZ 85085

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