Tag Archive for ‘multifamily’

Multifamily Market Absorption at the Start of 2015

Apartment absorptions continued to be strong at the end of 2014, as multifamily production levels remain elevated. According to NAHB analysis of the most recent data from the Census Bureau and Department of Housing and Urban Development Survey of Market Absorption of Apartments (SOMA), completions of privately financed, unsubsidized, unfurnished rental apartments in buildings with five or more units totaled 209,100… Read More ›

Housing’s Share of GDP Expanded at the Start of 2015

With the release of the final estimates of first quarter 2015 GDP growth (a decline of -0.2%), housing’s share of gross domestic product (GDP) grew to 15.45%, with home building and remodeling yielding 3.14 percentage points of that total. Housing-related activities contribute to GDP in two basic ways. The first is through residential fixed investment (RFI). RFI is effectively the measure of the home building… Read More ›

Sales of Existing Homes to First-Time Buyers Rise

Existing home sales, as reported by the National Association of Realtors (NAR), rose to the highest pace in six years in May. The report was also notable due to an increase in purchases by first-time buyers, which rose to the highest share experienced since September 2012. The May pace of existing home sales (5.35 million on seasonally adjusted annual basis) was… Read More ›

Housing Starts Readjust

May housing starts fell 11.1% from an elevated April to a seasonally-adjusted annual rate of 1.036 million units. The drop was broad based, falling 5.4% in single-family to an annual rate of 680,000 and multifamily falling 20.2% to 356,000. When viewed from a quarterly average, however, the first two months of the second quarter were better than the first quarter… Read More ›

Elevated Number of Construction Job Openings for April

The number of open, unfilled construction sector positions has been elevated during 2015, with one measure of job openings for the industry reaching cycle highs. According to the BLS Job Openings and Labor Turnover Survey (JOLTS) and NAHB analysis, the number of open construction sector jobs (on a seasonally adjusted basis) declined from 168,000 to 153,000 from March to April. However, the 168,000… Read More ›

April Gains for Residential Construction Spending

NAHB analysis of Census construction spending data finds that the pace of residential construction spending improved on both a monthly and year-over-year basis for April. For the month, the seasonally adjusted annual rate of single-family construction spending was $206 billion, up 1.6% from March. The April rate of multifamily construction spending was $51 billion, 3.1% higher than March. On a year-over-year basis, the pace of single-family construction spending… Read More ›

Townhouse Production Holds Steady

According to NAHB analysis of the most recent Census data of Starts and Completions by Purpose and Design, single-family attached starts totaled 14,000 for the first quarter of 2015, effectively unchanged from a year prior. Over the last four quarters, townhouse starts totaled 73,000 nationwide. Using a one-year moving average, the market share of new townhouses stands at 11% of all single-family… Read More ›