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Multifamily News Feed
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Multifamily News
Jul 26th, 2024 - Prices of materials used in residential construction have been flat or even declined in some cases, providing welcome relief to home builders. But overall, prices of building materials are still far above their pre-pandemic levels, and the impact of those elevated prices can be seen in unexpected places. Earlier this year, NAHB reported that building material price growth slowed dramatically in 2023, in line with slowing inflation in the broader economy. Prices still grew, though, and were ... [Read More]
Source: nahb.org
Jul 25th, 2024 - The latest commercial property price report from MSCI Real Capital Analytics said that multifamily property prices fell 0.5 percent from their level of the month before in June. While still negative, this is less than last month's reported decline of 1.0 percent . Prices were down 7.5 percent from their level of one year ago. Defining CPPI MSCI tracks an index called the Commercial Property Price Index (CPPI). The index is computed based on the resale prices of properties whose earlier sales ... [Read More]
Source: yieldpro.com
Jul 25th, 2024 - All-cash purchases accounted for 6.9% of new home sales in the second quarter of 2024, the lowest level since the fourth quarter of 2021, revealed by NAHB analysis of the most recent Census Quarterly Sales by Price and Financing report . Among mortgaged home sales, both FHA-backed and VA-backed sales fell while conventional sales remained unchanged. This is in line with the overall trend observed in mortgage activity , which has remained lower through the buying season due to higher ... [Read More]
Source: eyeonhousing.org
Jul 24th, 2024 - Dana Anderson of Redfin reports that mortgage rates have dropped to their lowest level since February, providing some relief to homebuyers. Despite this, pending home sales saw their largest decline in eight months. Rising supply, with new listings up 6.4% year-over-year, offers more options for buyers. However, demand remains tepid, partly due to buyers waiting for further rate cuts. (July 2024) Chen Zhao, Redfin's economic research lead, comments: "Now that it's looking increasingly likely ... [Read More]
Source: stessa.com
Jul 24th, 2024 - Rent prices continued to drop for the 11th straight month this June, according to the latest data from Realtor.com®. Despite continued decreases, however, rents remain elevated from the pre-pandemic levels of 2019. Realtor.com's Rental Report for June found that overall rents decreased by 0.4% to $1,743—0.6% ($11) below the August 2022 peak. Breaking down the rent changes for different units, studio rents dropped 1.2% to $1,463, one-bedroom rents dropped 1.1% to $1,618 and two-bedroom ... [Read More]
Source: rismedia.com
Jul 24th, 2024 - Fannie Mae 's July housing forecast calls for higher levels of multifamily housing starts in 2024 and 2025 than in their two most recent past forecasts. Single-family housing starts are expected to pull back slightly through Q3 2024 and then to resume their recent rise. Fannie Mae's forecasters believe that the Federal Reserve is likely to cut the Fed Funds rate in both September and December of this year. The Fed Funds rate is predicted to end the year at 5.0 percent. Forecasters are now ... [Read More]
Source: yieldpro.com
Jul 23rd, 2024 - Existing home sales fell for the fourth straight month in June due to lingering high mortgage rates and record-high prices, according to the National Association of Realtors (NAR). Although low resale inventory continued to push prices to another record high, the months' supply of inventory continued to increase and reached its highest level since May 2020. Improving inventory and moderating mortgage rates are likely to ease home price growth in the months ahead. Homeowners with lower mortgage ... [Read More]
Source: eyeonhousing.org
Jul 22nd, 2024 - The number of multifamily developments completed in June increased 40.2% from a year earlier, confirming the supply wave multifamily owners and developers have been dreading. There were 656,000 housing developments with five or more units delivered in June, a 26.2% month-over-month increase, Multifamily Dive reported , citing U.S. Census Bureau and Department of Housing and Urban Development data. While insiders are hopeful the oversupply phenomenon will be relatively short-lived and ... [Read More]
Source: bisnow.com
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