If you need assistance, please call 602-410-0827

September 28, 2022 Market Update

Wednesday, September 28, 2022   /   by Bryan Baylon

September 28, 2022 Market Update

 We have updated all 10 charts in the Cromford® Public section of the site with the latest building permit counts for Arizona. These numbers are provided to us by the US Census Bureau and allow us to monitor future supply of new homes in the single-family and multi-family segments.

When the housing market started to head south in 2005, the home builders accelerated their construction plans and kept building single-family homes in Central Arizona at record high levels for another two years. It was not until August 2007 that new single-family permits dropped below 2,000 per month. They would not see that 2,000 level again until 2018, 11 years later.

This time round, things are very different. Builders are more cautious and have scaled back their building after the recent market weakness. In July and August we are seeing roughly 2,000 per month, well down from the 3,000 a month level we were seeing a year ago, and the annual permit rate is trending down.

Builders of multi-family homes are much less cautious. The annual rate of 19,086 multi-family permits for Maricopa & Pinal counties is the highest we have ever recorded and up 36% from the 14,073 we saw a year ago.


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
602-410-0827

© 2024 Arizona Regional Multiple Listing Service, All rights reserved. The data relating to real estate for sale on this website comes in part from the Arizona Regional Multiple Listing Service. Real estate listings held by brokerage firms other than Bryan Baylon - Keller Williams Northeast Realty are marked with the Arizona Regional Multiple Listing Service logo and detailed information about them includes the name of the listing brokers. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor Arizona Regional Multiple Listing Service shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. June 17, 2024
This site powered by CINC: www.cincpro.com