APARTMENT MARKET STATISTICS: November 2013
Apartment transactions fell in the second quarter 2013 to $16.97 billion from the first quarter, according to PPR, a Costar company. Meanwhile, apartment completions increased by 64 percent in the second quarter in the top 30 metros, reports Marcus & Millichap.
Effective rents increased by 3.5 percent in the second quarter 2013 compared to the same period a year ago, according to Marcus & Millichap. And vacancies have fallen by 10 percent during the second quarter.
According to the National Association of Home Builders (NAHB), existing condo and co-op sales in July 2013 rose by 8.6 percent month-over-month to a level last recorded in July 2007. Prices of existing condos and co-ops, which are recorded on a not seasonally adjusted basis, rose by 15.5 percent over the past 12 months to $209,600.
The three-month moving average of housing starts in five-plus unit dwellings rose by 5.9 percent in July 2013 to an average of 277,000 units, according to NAHB.