- Nov 20, 2014
Multifamily housing starts hit 423,000 units in July, reports the National Association of Home Builders (NAHB). The seasonally adjusted figure, for multifamily housing of five or more units, represents an increase of 33 percent over the month before.
Meanwhile, apartments investment sales in the second quarter jumped to a multi-year high of $125,063 per unit, compared to $108,485 in first quarter 2014, according to PPR/Costar.
At 600,000 units nationwide, the seasonally adjusted annual rate of existing condo and co-op sales was unchanged in July, NAHB reports. At the same time, median existing condo and co-op sales prices rose by 3.3 percent on a non-seasonally adjusted basis over the past year to $215,000.
Inventory for existing condo and co-ops rose by 14.9 percent over the month to 278,000 units. The months’ supply, which represents the number of months it would take to exhaust the existing condo and co-op inventory at the current sales pace, grew by 16.7 percent over the month to 5.6 months, said NAHB.
GSE total multifamily mortgage debt outstanding fell, to $234 billion in the second quarter from $258 billion in same period a year ago, according to data from REIS Inc. and the Federal Reserve.
And according to PPR, Co-Star, altogether more than $28 billion apartment properties were transacted during the second quarter.