APARTMENT MARKET STATISTICS: December 2013
Banks are increasing their construction loans for the first time since 2007, according to Chandan Economics. Banks registered a quarterly increase of 897,529 in the second quarter 2013.
Year-over-year growth in residential construction prices decelerated from 2.1 percent in July 2013 to 1.7 percent in August 2013. After a period of significant increases, prices of building materials now display slower rates of year-over-year growth or outright declines, according to the National Association of Home Builders.
As a result of higher sales and lower inventory, August’s supply of existing condos and co-ops, which represents the length of time in months it would take to exhaust the condo and co-op inventory at the current sales pace, declined to 4.6. Over the past year, condo and co-op prices have risen by 17.7 percent.
Meanwhile, the month-over-month decrease in five-plus unit housing starts partially reversed the 20.4 percent increase that took place over the month of July 2013, according to NAHB.