- Apr 30, 2014
According to PPR/CoStar, the average apartment sales price was $107,501 per unit in the fourth quarter of 2013, down slightly from the same period in 2012.
Coop and condo prices rose by 13 percent over 2013, while inventory fell, according to the National Association of Home Builders (NAHB). Housing starts, meanwhile, exhibited a downward trend.
“Housing starts of buildings with five or more units began 2014 with a month-over-month decline to a seasonally adjusted annual rate of 300,000 units,” states the NAHB. According to NAHB, since peaking at 379,000 units in November 2013, housing starts of buildings with five or more units has now declined for two consecutive months.
Between August 2013 and November 2013, housing starts of buildings with five or more units rose by 51.0 percent. Shelter prices, which accounted for 41.6 percent of core-CPI and 32.0 percent of CPI, rose by 0.3 percent in January 2014.
Regionally, existing condo and co-op sales fell in the Northeast, by 9.1 percent, and in the Midwest, 12.5 percent, states NAHB. However, the South experienced an 8.0 percent increase in existing condo and co-op sales. Meanwhile, the condo and co-op inventory fell by 7.2 percent over the month to 206,000 units.
Existing condo and co-op prices rose by 13.0 percent over 2013.
Total multifamily mortgage debt outstanding increased for banks, but fell for Fannie/Freddie and CMBS, according to data from the Mortgage Bankers Association.