Tag Archive for ‘multifamily’

Multifamily Absorption Rates Increase During Second Quarter

As expected, data from the Survey of Market Absorption of Apartments (SOMA), produced by the Census Bureau and the Department of Housing and Urban Development, suggest a pickup in rentals and sales of newly built apartments. This followed a slight slowing of absorption rates in the first quarter. The SOMA tracks completions and market absorption (units rented or sold after construction… Read More ›

Apartment Production Up Strongly Year Over Year

The Census Bureau’s preliminary estimate for starts in buildings with five or more apartments in July came in at  229,000 units (at a seasonally adjusted annual rate), up 9.6 percent from the revised figure for June (revisions to the May and June numbers were minor). The 3-month moving average has been very stable, hovering between 205,000 and 210,000 for the past… Read More ›

CPI Mostly Unchanged for Second Month in a Row

The Bureau of Labor Statistics reported that the Consumer Price Index for All Urban Consumers (CPI-U) held steady in July. Overall, the CPI-U has remained either unchanged or declined in each of the last four months. Energy prices slipped 0.3% in July, putting more downward pressure on topline CPI.  The next couple of months of readings on overall CPI will… Read More ›

Builder Confidence in the 55+ Market Improves in the Second Quarter

According to NAHB’s latest 55+ Housing Market Index (HMI) survey, builder confidence in the market for new 55+ single-family homes increased significantly in the second quarter of 2012.  Compared to the same period a year ago, the 55+HMI for new single-family homes more than doubled from 13 to 29.  (Because the survey results are not yet seasonally adjusted, numbers should only be compared year-over-year.)… Read More ›

Residential Construction Spending Rises in June

According to the Census Bureau, private residential construction spending increased for the third consecutive month in June, gaining 1.3 percent from an upwardly revised estimate for May 2012. The overall trend in private residential construction spending has been quite strong as the data expressed on a three-month moving average basis has risen in each of the last 9 months. With… Read More ›

Homeownership Rate Holds Steady during Second Quarter

The Census Bureau reported the seasonally adjusted homeownership rate remained unchanged at 65.6 percent during the second quarter of 2012, hovering at a 15-year low for the 2nd consecutive quarter. The performance across household head age groups was mixed as the under 35 and 55-64 cohorts saw homeownership rates decline compared to the first quarter of 2012. By contrast, homeownership… Read More ›

Multifamily Starts Rebound in June

The Census Bureau’s preliminary estimate of starts in buildings with five or more apartments for June came in at 213,000 (at a seasonally adjusted annual rate).  This is a 17 percent increase from May and reversed well over half of the previous month’s decline.  (Month to month fluctuations on this order of magnitude are typical for multifamily construction. )  On a year-over-year basis, five-plus… Read More ›

Private Residential Construction Reaches Three-Year High in May

The Census Bureau’s newest release on construction spending showed a 2.8 percent increase in spending activity for private residential projects in May 2012. On a three-month moving average basis, spending has increased during each of the last 8 months. This release also featured revisions to prior estimates dating back to January 2010. While the modest upswing in total private residential… Read More ›

Homebuilders Struggle to Add to Payrolls

Starts of new single-family homes have jumped approximately 26% since May 2011 (and more than 46% since bottoming out in early 2009). Unfortunately, the rebound in starts does not appear to have bolstered job creation within the residential construction sector as payrolls have inched 1% higher in the past year. The homebuilding industry as a whole, which includes building contractors… Read More ›

Multifamily Starts Drop in May

Total housing starts declined in May due to a 21.3% drop in multifamily construction. The annualized rate of starts for housing units in properties with five or more units fell from 236,000 to 179,000 in May. However, the starts rate for multifamily units typically displays a great deal of volatility. Under a three-month moving average, the five-plus starts rate fell… Read More ›