National home prices continued to increase, hitting a new all-time high in December. Despite high mortgage rates, limited inventory and strong demand continued to push up home prices. Locally, six of 20 metro areas, experienced negative home price appreciation in December. The S&P CoreLogic Case-Shiller U.S. National Home Price Index (HPI), reported by S&P Dow Jones Indices, rose at a… Read More ›
With home building volumes lower, labor shortages have eased considerably since record levels set in 2021 but remain relatively widespread in a historic context, according to results from the latest NAHB/Well Fargo Housing Market Index (HMI) survey. The February 2024 HMI survey asked builders about shortages in 16 specific trades. The percentage of builders reporting a shortage (either some or… Read More ›
Following a cycle low in December, existing home sales rose to a 5-month high to start the year, according to the National Association of Realtors (NAR). Low resale inventory and strong demand continued to drive up existing home prices, marking the seventh consecutive month of year-over-year median sales price increase. It is also the first time in 14 months that… Read More ›
The missing middle construction sector includes development of medium-density housing, such as townhouses, duplexes and other small multifamily properties. The multifamily segment of the missing middle (apartments in 2- to 4-unit properties) has disappointed since the Great Recession. For the fourth quarter of 2023, there were just 4,000 2- to 4-unit housing unit construction starts. This is flat from a year prior…. Read More ›
Confidence in the market for new multifamily housing was in negative territory for the fourth quarter, according to results from the Multifamily Market Survey (MMS) released today by the National Association of Home Builders (NAHB). The MMS produces two separate indices. The Multifamily Production Index (MPI) had a reading of 41 – below the break-even point of 50 – while… Read More ›
According to NAHB analysis of quarterly Census data, the count of multifamily, for-rent housing starts declined somewhat during the fourth quarter of 2023. For the quarter, 102,000 multifamily residences started construction. Of this total, 98,000 were built-for-rent. The market share of rental units of multifamily construction starts fell back to a still elevated 96% for the fourth quarter as the… Read More ›
