Condo and coop sales rose 6 percent in April, and median sales price increased to the highest reported price level ($175,000) in two years, according to data from the National Association of Home Builders. (Click here for the August 2012 Apartment Market Statistics section).
Year over year, condo/coop sales climbed 10.4 percent and showed strongest four month pace in more than a year.
Meanwhile, apartment production fell. Apartment completions year-over-year declined 3 percent nationwide in the first quarter, according to metro area statistics compiled by Marcus & Millichap. Vacancies fell 130 basis points further, while rents increased an average 2.8 percent in the metro areas nationwide.
Starts increased 4 percent to 217,000 units in April. Five-plus starts rate has now stayed above 200,000 units for three consecutive months. However, permits fall 23 percent in April in the volatile benchmark.
Aggregate producer price indices for residential construction rose only 0.2 percent for the month. But overall, gypsum has increased 11.6 percent over 2011.