Tag Archive for ‘multifamily’

November Single-Family Permit Gains

Over the first eleven months of 2021, the total number of single-family permits issued year-to-date (YTD) nationwide reached 1,029,208. On a year-over-year (YoY) basis, this is a 15.9% increase over the November 2020 level of 888,217. Year-to-date ending in November, single-family permits increased in all four regions. Southern region reported the strongest increase of 17.6%, followed by Northeast (+15.8%), West… Read More ›

Apartment Absorption Surged while Condominium Absorption Remained Steady

Data from the Survey of Market Absorption of Apartments (SOMA), produced by the Census Bureau, suggest continued improvement for the multifamily sector in the second quarter of 2021 due to strong demand and low vacancy rates. The absorption rate of unfurnished, unsubsidized apartments (the share rented out in the first three months following completion) rose by 15 percentage points to… Read More ›

Housing Starts Show Strength in November

Single-family housing showed strength in November despite supply-chain limitations for materials and ongoing access issues for labor and lots. Overall housing starts increased 11.8% to a seasonally adjusted annual rate of 1.68 million units, according to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. The November reading of 1.68 million starts is… Read More ›

October Single-Family Permit Gains

Over the first ten months of 2021, the total number of single-family permits issued year-to-date (YTD) nationwide reached 948,321. On a year-over-year (YoY) basis, this is a 17.3% increase over the October 2020 level of 808,301. Year-to-date ending in October, single-family permits increased in all four regions. Southern region reported the strongest increase of 19.1%, followed by Northeast (+18.5%), West… Read More ›

Inflation Surges in November

In November, consumer prices increased by 6.8% from a year ago. It marks the largest year-over-year gain since June 1982. Supply-chain constraints and strong consumer demand related to the pandemic and the reopening of the economy have contributed to recent price increases in some sectors. The Bureau of Labor Statistics (BLS) reported that the Consumer Price Index (CPI) rose by… Read More ›

Multifamily Condo Production Showing Gains?

According to NAHB analysis of quarterly Census data, the market share of rental units of multifamily construction starts declined to 93.4% during the third quarter of 2021. This is the lowest share since the first quarter of 2020. In contrast, the historical low share of 47% was set during the third quarter of 2005, during the condo building boom. An… Read More ›

Multifamily Missing Middle Production Lags

The missing middle construction sector includes development of medium-density housing, including townhouses, duplexes and other small multifamily properties. While townhouse construction has trended higher in recent quarters, the multifamily segment of the missing middle (apartments in 2 to 4 unit properties) has shown weakness. For the third quarter of 2021, there were only 2,000 starts of such residences. Over the… Read More ›

Sentiment on Multifamily Production and Occupancy Improves in the Third Quarter

Sentiment on the production of new and occupancy in existing multifamily housing improved in the third quarter, according to the latest results from NAHB’s Multifamily Market Survey (MMS).  The MMS produces two main indices.  The Multifamily Production Index (MPI) increased five points from the previous quarter to 53, while the Multifamily Occupancy Index (MOI) also increased by five points, to… Read More ›

Supply-Side Disruptions Push Single-Family Production Down in October

Single-family housing production lagged in October due to supply-chain effects for materials and ongoing access issues for labor and lots. Overall housing starts decreased 0.7% to a seasonally adjusted annual rate of 1.52 million units, according to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. The October reading of 1.52 million starts… Read More ›

September Single-Family Permit Gains

Over the first nine months of 2021, the total number of single-family permits issued year-to-date (YTD) nationwide reached 864,184. On a year-over-year (YoY) basis, this is a 21.2% increase over the September 2020 level of 713,286. Year-to-date ending in September, single-family permits increased in all four regions. Southern region reported the strongest increase of 22.8%, followed by Northeast (+20.4%), West… Read More ›