APARTMENT MARKET STATISTICS: March 2013
Multifamily permits are now being issued at a rate of more than 300,000 units per year, according to the National Association of Home Builders (NAHB). As far as permits, “[t]he rate at which new five-plus permits were issued in November increased by 10 percent, thus largely offsetting the previous month’s decline and taking the five-plus permit rate back up over 300,000,” states NAHB.
Rent costs, as measured by the NAHB Real Rent Index, showed “the strongest sequential increase” since late 2008, jumping by more than 0.5 percent in November 2012.
Condo sales are up a whopping 33 percent from a year ago, NAHB data reveal. “Seasonally adjusted condominium and co-op sales rose 9.1 percent from October 2012 and are now up 33 percent from the same period in 2011. Sales reached 600,000 units for the first time since 2009,” says NAHB. Furthermore, the median existing condo price has averaged more than $172,000 since the beginning of 2012, pointing to the first annual average increase in prices since 2007.
The originations index for all major investor groups (conduits, commercial banks, life insurance companies, Fannie me/Freddie Mac) increased, according to the Mortgage Bankers Association (MBA). The conduit index jumped the most, more than tripling from 23 to 94, followed by life insurance companies, whose index increased from 220 to 302.
Property Shark data show Increase for multifamily buildings transactions in NYC leveling off $7.53 billion to $8.11 billion.