Multifamily property prices fall in June
CoStar reported that its value-weighted index of multifamily property prices fell 19.2 percent year-over-year in June 2023. This index was down 1.4 percent month-over-month. The value-weighted index of non-multifamily commercial property rose by 1.6 percent,...
NMHC encouraged following HUD meeting on expanding housing supply
Yesterday, NMHC President Sharon Wilson Géno participated in a roundtable discussion with HUD leaders, housing providers and other housing stakeholders on policy solutions to grow the nation’s housing supply. Hosted by HUD Deputy Secretary Adrianne...
Rent growth slows in July
The latest rent report from Apartment List shows that the national average monthly rent growth in July was 0.3 percent, down slightly from last month’s increase. Year-over-year rent growth was negative 0.7 percent. The...
CBRE reports stable cap rates in Q2
A new report from CBRE states that cap rates used for underwriting prime class A multifamily assets were nearly unchanged in Q2 from their levels of the previous quarter. The pulse of the market The report...
New home sales cool in June on higher mortgage rates
Rising mortgage rates and elevated construction costs put a damper on new home sales last month. Sales of newly built, single-family homes in June fell 2.5 percent to 697,000 seasonally adjusted annual rate from a...
Student housing has solid fundamentals at mid-year
Yardi Matrix recently released a report on the off-campus dedicated student housing industry which shows strong operational performance from the sector. However, property sales transaction volume has been declining. Yardi Matrix collects information on a...
Economic momentum drives Fannie Mae forecast
Fannie Mae’s July economic and housing forecast reflects the surprising strength of the U.S. economy in early 2023. It predicts a higher level of multifamily starts and single-family starts in both 2023 and 2024...
The good and bad of June multifamily property price changes
The latest commercial property price report from MSCI Real Capital Analytics said that multifamily property prices in June were unchanged from their level of the month before but down 11.7 percent from their level...
SFR rent growth rate down in May
CoreLogic reported that their single-family rent index (SFRI) for May rose 3.4 percent from its year-earlier level. This is down from the 3.7 percent year-over-year SFRI growth reported last month. The year-over-year SFRI growth...
Big drop in June multifamily construction starts
The Census Bureau’s new residential construction report for June stated that the number of multifamily permits issued, starts and unit completions were all down sharply for the month. This was on top of downward...
Industry response to White House fee announcement
NMHC: NMHC members believe that transparency in the cost of rental housing is positive for renters and housing providers alike. While we support the voluntary initiatives included in the White House’s announcement today, we strongly...
Yardi Matrix reports solid rent growth in June
Yardi Matrix reported that national average apartment rent increased $7 in June from the revised level of the month before. The average rent reached $1,726 per month. Year-over-year rent growth rate continues to fall The national...
Single-family starts decline in June but permits post solid gain
Single-family production fell back after four straight monthly gains as elevated construction costs and rising mortgage rates led to a reduction in home building activity and affordability conditions worsened for home buyers. Overall housing starts...
Apartment market continues to loosen
Apartment market conditions continued to weaken in the National Multifamily Housing Council’s (NMHC’s) Quarterly Survey of Apartment Market Conditions for July 2023, as the Market Tightness (26), Sales Volume (40), Equity Financing (22) and...
Builder confidence edges higher despite rising rate concerns
Low existing inventory that is keeping demand solid for new homes helped to push builder confidence up in July even as the industry continues to grapple with rising mortgage rates, elevated construction costs and...
