Tag Archive for ‘multifamily’

Rising Construction Share of One-Bedroom Apartments

As multifamily construction continues to show strength, the composition of apartment development has been evolving. Typical unit size remains below levels seen during the housing boom, and this change is associated with a rise in the market share of one-bedroom apartments. In a prior post, we examined the multifamily trend of an increasing share of units located in large buildings (properties… Read More ›

Builders Build More Homes

Housing starts for the month of September rose 6.5% to an eight year high of 1.206 million units on a seasonally-adjusted annual basis. The increase was all in the multifamily sector, rising 18.3% to 466,000. Single-family starts were virtually unchanged at 740,000. This is the first month total starts passed the 1.2 million mark since October 2007. The trends in… Read More ›

Lower Energy Prices, Lower Consumer Prices in September

The Bureau of Labor Statistics (BLS) reported that the Consumer Price Index (CPI) declined at a seasonally adjusted annual rate of 1.8% in September after slipping 0.8% in August. Excluding the volatile food and energy components, the “core” CPI rose at a seasonally adjusted annual rate of 2.6% in September, faster than 0.9% in August. In September, energy prices dropped… Read More ›

Property Tax Collections Increase

According to NAHB analysis of Census Bureau’s quarterly data, property taxes made up 38.9% of state and local tax receipts among major sources over the last four quarters. Property tax collections, including commercial real property taxes and personal property taxes, totaled more than $503 billion over the last year. This represents an increase of almost $13 billion, as measured on a four-quarter trailing basis, or… Read More ›

Residential Mortgages: Who Borrows What?

The Financial Accounts of the United States shows continued improvement in the aggregate home equity position of U.S. households. Household holdings of real estate, measured on a not seasonally adjusted basis, totaled $21.540 trillion in the second quarter of 2015, $1.366 trillion higher than its level, $20.174 trillion, in the second quarter of 2014. At the same time, home mortgage debt outstanding,… Read More ›

Starts Drop in August, Permits Point to Growth

The pace of housing starts posted a small decline in August, but permits and builder confidence suggest ongoing, modest growth for the rest of the year. After a downward revision for July, total housing starts declined 3% to a seasonally adjusted annual rate of 1.126 million, as detailed in the joint release from the Census Bureau and HUD. The declines… Read More ›

Big Drops in Energy Prices in August

The Bureau of Labor Statistics (BLS) reported that the Consumer Price Index (CPI) declined at a seasonally adjusted annual rate of 0.8% in August, compared to 1.6% rise in July. Excluding the volatile food and energy components, the “core” CPI rose at a seasonally adjusted annual rate of 0.9% in August, slower than 1.6% in July. In August, energy prices… Read More ›

A Look Back: 2013 Apartment Market Absorption

Annual data from HUD’s Survey of Market Absorption of New Multifamily Units provide details concerning the types of apartments completed and the speed of rental absorption after construction. In particular, the current edition of the annual report finds that for units completed during 2013, 12-month absorption rates were 94% or higher across building types. The annual report provides details for units located in properties… Read More ›

Construction Job Openings Steady, Hiring Slowing

The count of construction job openings held steady in July, as hiring in the home building sector slowed. 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) remained constant at 137,000 for July. This is somewhat lower than the cycle high of 168,000 set during March…. Read More ›