Data from the Survey of Market Absorption of Apartments (SOMA), produced by the Census Bureau, suggest continued improvement for the multifamily sector in the third quarter of 2021 due to strong demand and low vacancy rates. The absorption rate of unfurnished, unsubsidized apartments (the share…
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 disappointed. For 2021, there were…
Confidence in the market for new multifamily housing improved in the fourth quarter of 2021, according to the latest results from NAHB’s Multifamily Market Survey (MMS). The MMS produces two main indices. In the fourth quarter, the Multifamily Production Index (MPI) increased one point to…
New single-family home sales posted a small decline in January as housing demand was affected by a jump in mortgage rates. The January pace of sales was nonetheless solid due to a lack of resale inventory and ongoing need for new construction. The U.S. Department…
According to NAHB analysis of quarterly Census data, the market share of rental units of multifamily construction starts increased to 94.2% during the fourth quarter of 2021. In contrast, the historical low share of 47% was set during the third quarter of 2005, during the…
National home prices grew at an unsustainable pace in December, supported by strong demand and record-low inventory. Home price appreciation is expected to slow in the coming quarters as rising mortgage rates price some homebuyers out of the market. The S&P CoreLogic Case-Shiller U.S. National…
An expected impact of the virus crisis is a need for more residential space, as people use homes for more purposes including work. Recent data confirms this impact on the market continues to occur. According to fourth quarter 2021 data from the Census Quarterly Starts…
