Apartment market statistics showed minimal improvements in the April 2012 issue of Multi-Housing News. Multifamily financing volume and apartment traffic improved, and condo sales made some headway for 2011 (though not compared to 2010), but total apartment investment returns continued to decline.
Financing jumped from index of 140 to 181 in Q4, according to Mortgage Bankers Association (MBA), after being relatively flat in the third and fourth quarters. Apartment total returns fell from 3.60 in the third quarter to 3.48 in the fourth quarter, according to the National Council of Real Estate Investment Fiduciaries (NCREIF).
According to the National Association of Home Builders (NAHB), multifamily starts declined from January to February. However overall multifamily starts for 2011 are still 60 percent above the 2010 levels. And statistics for permits in December are encouraging. They registered at a level of 209,000 units, which is “a relatively healthy number” according to NAHB.
Condo median sales price finished the year at $160,000, higher than the $153,500 level in January. Nevertheless, condo sales price is at “its weakest reading since the first quarter of 2011,” and is 3.1 lower than in December 2010, according to NAHB. And NAHB notes that condo and coop sales volume are still lower than levels from a year ago.
For the market statistics, click here.