- Jul 15, 2014
Total investment returns fell from 2.48 to 2.28 percent in first quarter for multifamily properties, while increasing to 2.74 percent for commercial real estate, according to data from the National Council of Real Estate Investment Fiduciaries (NCREIF).
The Mortgage Bankers Association’s (MBA) commercial/multifamily mortgage originations volume index fell 17 percent to 152 in the first quarter.
Meanwhile, median condo and co-op sales prices, not seasonally adjusted, rose as of March 2014 by 11.6 percent over the previous 12 months, reports the National Association of Home Builders (NAHB).
The condo and co-op inventory rose by 2.0 percent over March, says NAHB. As a result of a declining sales pace and an expanding inventory, the months’ supply, which represents the number of months it would take to exhaust the condo and co-op inventory at the current sales pace, rose by 3.8 percent to 5.5 months in March.
NAHB’s March 2014 reading of five or more unit housing starts represents the fourth consecutive month-over-month decline. Over this four-month period, housing starts of buildings with five or more units have fallen by 23.0 percent.