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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Labor Shortages Ease, But Remain Worse Than in the Last Boom

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…

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Existing Home Sales Jump in January

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…

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