Multifamily Absorption Rates Fall for Third Quarter Completions; Share of Subsidized Units Rose in 2022

The Census Bureau’s latest release of the Survey of Market Absorption of New Multifamily Units (SOMA) estimates that 57% of 85,530 unsubsidized, unfurnished apartments completed in the third quarter of 2023 were absorbed within the first 3 months following construction completion. For condominiums, 68% of the estimated 5,571 units completed in the third quarter of…

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Home Price Gains Continued in December

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…

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