Homebuilders continue hot Valley growth as new permits surge in July

Posted at 9:19 AM, Aug 28, 2020
and last updated 2020-08-28 12:19:53-04

Homebuilders around the Valley have increased the number of single-family building permits pulled for the third-straight month, shaking off the effects of the coronavirus that stalled growth in the spring.

Meritage Homes Corp. pulled the most single-family building permits in July around the Valley, according to RL Brown Housing Reports.

In July, homebuilders pulled 2,799 permits in metro Phoenix, up from 2,405 in June and 1,563 in May, according to the Home Builders Association of Central Arizona. In April, 1,818 permits were pulled, down from 2,523 in March before the coronavirus pandemic slowed down the economy.

Year to date, through July, homebuilders pulled 15,447 permits, up 8% compared to the same period in 2019.

"The new home housing market continues to show its strength driven by the historically low resale listings, low interest rates, solid population and job growth," said Jim Daniel, president of RL Brown Housing Reports. "As long as these fundamentals continue, the market will remain strong."

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