Builder confidence underwater after falling for eighth consecutive month
Builder confidence fell for the eighth straight month in August as elevated interest rates, ongoing supply chain problems and high home prices continue to exacerbate housing affordability challenges. In another sign that a declining...
Construction materials price rises moderate in July
The Bureau of Labor Statistics (BLS) released its producer price index (PPI) report for July 2022. It stated that construction materials prices were up 0.3 percent in the month, seasonally adjusted. The index was...
Housing affordability falls to lowest level since Great Recession
Rising mortgage rates, high inflation, low existing inventory and elevated home prices contributed to housing affordability falling to its lowest point since the Great Recession in the second quarter of 2022. According to the National...
Rental vacancy rate declines in Census report
The Census Bureau released its quarterly report on home ownership and occupancy for Q2 2022. It showed that the rental housing vacancy rate was 5.6 percent, down from a level of 5.8 percent in...
Rent growth rate declines in July
Yardi Matrix reported that the national average apartment rent growth in July was $10, bringing the average rent to $1,717 per month. Rent growth rate slipping The national average apartment rent was up 12.6 percent in...
Multifamily jobs reported higher in July
The latest Employment Situation Report from the Bureau of Labor Statistics stated that employment in both apartment operations jobs and residential construction jobs was higher than in the prior month. Overall jobs number rise The Bureau...
Construction spending falls on single-family decline
The Census Bureau’s report on construction spending shows that the value of residential construction put in place in June was down 1.7 percent from the revised level of the month before. Residential construction spending...
Job openings down again in June
The Job Openings and Labor Turnover (JOLT) report from the Bureau of Labor Statistics (BLS) said that the number of job openings declined in June from last month’s level. This was the third month...
Multifamily property prices up despite sales slowdown
CoStar reported that its value-weighted index of multifamily property prices increased 22.9 percent, year-over-year, in June 2022. This index was up 1.4 percent month-over-month. The year-over-year increase is down from that seen in May,...
Above trend rent growth continues in July
The latest rent report from Apartment List shows that the national average rent growth in July was 1.1 percent month-over-month and 12.4 percent year-over-year. Both of these rates are down from those posted last...
NMHC and NAA statement on Biden Administration plan to increase housing supply
The National Multifamily Housing Council (NMHC) and National Apartment Association (NAA) applaud the Biden administration for continuing to recognize the nation’s critical shortage of affordable housing and taking additional steps to help address it. In...
U.S. needs 4.3 million more apartments by 2035 to address demand, deficit and affordability
Amidst demographic shifts and lingering pandemic impacts on the population and broader economy, the U.S. faces a pressing need to build 4.3 million new apartments by 2035, according to a new study commissioned by...
Multifamily property prices rise at torrid pace
The latest commercial property price report from MSCI (formerly Real Capital Analytics) said that multifamily property prices rose 23.7 percent year-over-year in June and that they rose 1.6 percent from the month before. Both...
Higher interest rates begin to impact multifamily
Apartment sales volume fell while both equity and debt financing became more costly, according to the National Multifamily Housing Council’s Quarterly Survey of Apartment Market Conditions for July 2022. However, demand in most markets...
Fannie Mae sees slower economic growth ahead
Fannie Mae’s July economic and housing forecasts predict negative GDP growth in Q2 2022 and a recession in early 2023. The slowdown in economic growth is also expected to be felt in housing construction...
