Multifamily construction spending lower in August
The Census Bureau’s report on construction spending said that the value of multifamily residential construction put in place in August was down 0.35 percent from the revised level of the month before. Spending on...
Construction job openings up sharply in August
The Job Openings and Labor Turnover (JOLT) report from the Bureau of Labor Statistics (BLS) said that the number of job openings in August was 8.04 million. This was reported to be up 329,000...
Multifamily CMBS delinquency rate edges higher
Trepp reported that delinquency rate for multifamily commercial mortgage-backed securities (CMBS) loans rose again in September, but only by 3 basis points basis points. This comes after four months where multifamily delinquencies increased by...
CoStar: multifamily property prices down in August
CoStar reported that its value-weighted index of multifamily property prices fell 1.3 percent month-over-month in August, doubling last month’s reported decline. This index was down 9.8 percent year-over-year. The value-weighted index of non-multifamily commercial property...
MSCI: Multifamily property prices rise in August
The latest commercial property price report from MSCI Real Capital Analytics said that multifamily property prices rose 0.1 percent in August from their level of the month before. This is the first increase since...
Apartment investment environment shows slight improvement in Q2
Freddie Mac recently released its Apartment Investment Market Index (AIMI) for Q2 2024. The national index was up, but only by 0.3 percent in the quarter. The index was up 2.2 percent year-over-year. Viewing the...
Multifamily mortgage debt outstanding reported higher in Q2
The Mortgage Bankers Association (MBA) reported that multifamily mortgage debt outstanding rose by $19.35 billion in Q2 from the revised level of the quarter before. Total multifamily debt reached a level of $2.090 trillion....
SFR rent growth rate edges lower
CoreLogic reported that their single-family rent index (SFRI) for July rose 2.8 percent from its year-earlier level. This is down 0.1 percentage point from last month’s reported year-over-year SFR rent growth rate and is...
Multifamily starts forecast revised lower
Fannie Mae’s September housing forecast calls for fewer multifamily housing starts in 2024 and 2025 than in last month’s forecast. The downward revision follows two monthly forecasts where the predictions for multifamily starts were...
Fed delivers large interest rate cut
Federal Open Market Committee (FOMC) met this week and, in an unusual pre-election move, decided to lower their target interest rate by 0.5 percentage point. In addition, their projections now indicate that they will...
Multifamily completions surge in August
The Census Bureau’s new residential construction report stated that multifamily completions leapt to a multiyear high in August. However, multifamily starts fell despite higher multifamily permit issuance. The number of multifamily units under construction...
Construction materials prices reported higher in August
The producer price index (PPI) report from the Bureau of Labor Statistics (BLS) stated that construction materials prices were up 0.2 percent month-over-month in August on a seasonally adjusted basis. However, the change in...
Multifamily CMBS special servicing rate rises in August
Trepp reported that special servicing rate for multifamily commercial mortgage-backed securities (CMBS) loans moved higher in August, climbing 60 basis points. The overall CMBS special servicing rate on commercial property continued to rise, as...
Residential construction shows weakness in latest employment report
The Employment Situation Report from the Bureau of Labor Statistics reported that overall employment growth rose in August from the gain initially reported for last month. However, last month’s employment level was revised lower...
Rent growth turns negative in August
Yardi Matrix reported that national average apartment asking rent was down $1 in August compared to the revised level of the month before at $1,741 per month. The national average year-over-year apartment asking rent growth...
