Eye On Housing
Author Archives
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Apartment Absorption Declined While Completions Increased in Q3 2020
The U.S. Census Bureau’s Survey of Market Absorption (SOMA) shows that the absorption rate of unfurnished, unsubsidized apartments (the share rented out in the first three months following completion) fell by 5 percentage points to 51 percent in the third quarter of 2020 (from 56 percent in the third quarter of 2019) (Figure 1). The number of apartments completed rose… Read More ›
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Multifamily Construction Sentiment Declines in Fourth Quarter
Builder and developer confidence in multifamily markets fell in the last quarter of 2020, according to the results of the National Association of Home Builders’ Multifamily Market Survey (MMS). The MMS produces two separate indices: The Multifamily Production Index (MPI), which fell 5 points to 43; and the Multifamily Vacancy Index (MVI), which edged down two points to 42, with… Read More ›
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Builder Confidence in the 55+ Housing Market Remains High in Fourth Quarter
Builder confidence in the single-family 55+ housing market remained high in the fourth quarter of 2020, with the 55+ single-family housing market index (55+HMI) inching down one point to 82 (from an all-time high of 83 in the third quarter) (Figure 1). The National Association of Home Builders’ (NAHB) produces two 55+ HMIs measuring distinct segments of the 55+ housing… Read More ›
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Confidence in Remodeling is Strong Despite COVID-19
The National Association of Home Builders’ (NAHB) Remodeling Market Index (RMI) posted a reading of 79 in the fourth quarter of 2020. The reading indicates remodelers’ confidence in their markets, for projects of all sizes, despite the ongoing negative impacts of the coronavirus pandemic (Table 1). The RMI is based on a survey asking remodelers to rate five subcomponents of… Read More ›
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Real Rent Index Unchanged in December
The real rent index was flat in December, after slight growth in October (+0.1%) and November (+0.2%) (Figure 1). The December reading means that rent inflation and the “core” Consumer Price Index (CPI) moved at the same pace, both increasing by about 0.1%. The annual growth rate of the real rent index was 0.2% in December. NAHB constructs a “real”… Read More ›
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Apartment Absorption Steady but Rent Prices Fall
The U.S. Census Bureau’s Survey of Market Absorption (SOMA) shows that the absorption rate of unfurnished, unsubsidized apartments (the share rented out in the first three months following completion) inched up to 60 percent in the second quarter of 2020 (from 55 percent in the second quarter of 2019) (Figure 1). Meanwhile, the number of apartments completed fell slightly, from… Read More ›
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Multifamily Market Sentiment Improves in the Third Quarter
Confidence in the multifamily housing market continued to recover from its 1st quarter trough, with the Multifamily Production Index (MPI) rising to 48 in the third quarter (up from 37 in the second quarter and 27 in the first quarter), according to the National Association of Homebuilders’ Multifamily Market Survey (MMS) (Figure 1). Meanwhile, the Multifamily Vacancy Index (MVI) decreased… Read More ›
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55+ Housing Market Index Reaches All-Time High in Third Quarter
Builder confidence in the single-family 55+ housing market reached an all-time high, jumping 18 points to 83 in the third quarter of 2020, according to the National Association of Home Builders (NAHB) (Figure 1). The 55+ HMI measures two segments of the 55+ housing market: single-family homes and multifamily condominiums. Each segment of the 55+ HMI measures builder sentiment based… Read More ›
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77% of Remodelers Report A Framing Lumber Shortage
With the recent increases in the price of many residential construction materials, and in particular softwood lumber, NAHB wanted to get a better understanding of how these price increases are impacting remodelers. In the Q3 2020 Remodeling Market Index (RMI), remodelers were asked to report on material shortages, if any, as well as material price changes over the last six… Read More ›
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Remodeling Industry Confidence Surges in Third Quarter
The National Association of Home Builders’ Remodeling Market Index (RMI) posted a reading of 82 in the third quarter, indicating remodelers’ strong confidence in their markets, for projects of all sizes (Table 1). The strong RMI reading is a reflection of more Americans investing in home remodeling projects as they adapt to the impacts of the coronavirus pandemic. The RMI… Read More ›