News in end use

Yardi Matrix forecasts a slight increase in US multifamily rental housing completions for 2025–27 compared to the previous quarter’s outlook.

The national rental vacancy rate was 7.1%, while the homeowner vacancy rate was 1.1%, the US Census Bureau reported.

Payroll employment decreased 0.3% (49,000) in February, following a 0.1% increase (14,400) in January. Year-over-year, payroll employment was up 0.7% (124,300).

The Index of Consumer Sentiment declined to a reading of 52.2 in April, a month-over-month decline of 8.4% and a 32.4% decrease year-over-year.

Total commercial real estate mortgage borrowing and lending reached $498 billion in 2024, a 16% increase from 2023, MBA reported.

Existing-home sales declined 5.9% to a seasonally adjusted annual rate of 4.02 million in March, NAR reported.

The 30-year fixed-rate mortgage averaged 6.81%, down from last week when it averaged 6.83%, Freddie Mac reported.

The national median payment applied for by purchase applicants fell from $2,205 in February to $2,173 in March, MBA reported.

The advance figure for seasonally adjusted initial unemployment claims was 222,000, an increase of 6,000 from the previous week’s revised total.

New residential single-family home sales for March were at a SAAR of 724,000, 7.4% above the revised February rate.