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New Production and Current Occupancy Rates in Existing Multifamily Housing Set Record Highs in Q3 2021

According to the latest National Association of Home Builders (NAHB) Multifamily Market Survey (MMS), sentiment on the production of new and occupancy in existing multifamily housing improved in Q3. The Multifamily Production Index (MPI) increased 5 points from the previous quarter to a reading of 53, while the Multifamily Occupancy Index (MOI) also increased by 5 point to a reading of 75.

Leading Economic Index® for U.S. Climbs Higher in October

The Conference Board, a non-partisan, not-for-profit think tank founded in 1916, released today (11-18-21) the Leading Economic Index® (LEI) for the U.S. in October. According to the report, the LEI for the U.S. increased by 0.9% in October to 118.3 (2016 = 100), following a 0.1% increase in September and a 0.7% increase in August.

Building Permits Up, Housing Starts and Completions Lower in October

The U.S. Census Bureau reported on Wednesday (11-17-21) that privately‐owned housing starts in October were at a seasonally adjusted annual rate (SAAR) of 1,520,000. This is -0.7% below the revised September rate of 1,530,000 but is 0.4% above the October 2020 rate of 1,514,000. Single-family housing starts in October were at a rate of 1,039,000, which is -3.9% below the revised September figure.

Single-Family Built-For-Rent Construction Starts Hits Quarterly Volume Record in Q3 2021

Further analysis of the U.S. Census Bureau’s Quarterly Starts and Completions by Purpose and Design, provided by the National Association of Home Builders (NAHB), reveals that the number of single-family built-for-rent (SFBFR) construction starts reached its highest quarterly volume on record in Q3 2021. During Q3 2021, there were approximately 16,000 single-family built-for-rent starts.

Mortgage Applications Decline in the Week Ending November 12, 2021

According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS), for the week ending November 12, 2021, the Market Composite Index, a measure of mortgage loan application volume, decreased -2.8% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased -4% compared with the previous week.

Houses Selling Above List Price Declined for the Fourth Consecutive Month in October

A recently released report from OJO Labs, a Texas-based real estate technology and guidance company, reveals that 40.9% of homes in October sold for more than the list price — a portion that has been steadily declining for the past four months. The percentage of homes selling above list price sat at 42.8% in September, so the decrease, while minor, showed a steady four-month trend of month-over-month decreases.