November Sees Dip In Home Permits, YTD Still Strong

The Phoenix Business Journal reports that building permits issued in November in Maricopa and Pinal Counties are down slightly from a year ago, according to the latest Phoenix Housing Market Letter released by local housing analyst RL Brown.

New home permits totaled 4,450 in November 2005, down 6.5 percent from the 4,761 issued in November 2004. However, through November, new-home permits totaled 58,491, up 4 percent from the same time frame last year, when we broke all records.

Great chance we will break the record set last year and possibly lead the nation again as the top new home market. Resales in Maricopa County totaled 9,256 in November 2005, down slightly from 9,328 in November 2004. But the year-to-date total is at 125,691 through November 2005, up nearly 22.2 percent from 102,890 for the same time frame in 2004. Again- we will break this record.

Overall, the metro Phoenix area is showing signs of a strong economy in 2006, Brown said. Population growth in metro Phoenix is expected to exceed 3.5 percent through 2005, and push toward 4 percent in 2006, he said. More...