February 2015

The prices of multifamily properties sold fell to $144,149 per unit in the third quarter compared to $124,768 in the previous quarter, reports PPR, a Costar company.

 

Click here for more multifamily statistics from the February 2015 issue of MHN.

In the third quarter, $27,499,153 worth of multifamily properties were transacted, down slightly from the $28,608,216 in properties that exchanged hands in the second quarter, according to data supplied by PPR, a Costar company. Weighted average price fell to $144,149 per unit in the third quarter compared to $124,768 in the previous quarter. However, this level is still the highest level since the third quarter.

According to the Mortgage Bankers Association, total debt outstanding increased for depository institutions, from $317.6 billion to $278.2 billion, while falling for the Government Sponsored Enterprises from $251.8 billion to $236.4 billion.

In October 2014, the three-month moving average of housings starts of multifamily properties was 320,000 units, a 12 percent decrease over the post-recession high of 363,000 units that was recorded in September 2014, states the National Association of Home Builders (NAHB).

Over the past year from October 2015, the prices of inputs to new construction increased by 1.0 percent, reported NAHB. And median existing condo and co-op sales prices rose by 4.5 percent on a not seasonally adjusted basis over the past year to $205,400.

In October 2014, energy prices fell by 1.9 percent on a monthly basis as gasoline prices declined by 3.0 percent, says NAHB. “In contrast, food prices rose 0.1 percent over the month. Excluding the more volatile energy and food prices, ‘core-CPI’ rose by 0.2 percent over the month of October 2014. Shelter prices, which account for the largest portion of consumer expenditures, also rose by 0.2 percent as rental prices increased by 0.2 percent.”