Homebuilding Permits Slow; Market Still Hot

Credit: Arizona Republic

The Home Builders Association of Central Arizona reports 22,535 homebuilding permits were issued between the start of the year and August.

There were 17,759 permits in the same period of 2020.

Permits this year fell 9.4% from July to August, and Year-over-Year August permits were down 4.6%.

The downward trend began in June and is attributed to a combination of factors, including supply chain constrictions, increasing materials costs, the ongoing labor shortage, and a lack of supply in developed lots.

Even with the summer downturn, permits for the year are still up 27% over 2020. (Source)

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