US Multifamily Developer Confidence Rises in Q3 but Remains Negative
On Thursday, the National Association of Home Builders (NAHB) released its Multifamily Market Survey for Q3, showing that developer confidence in new multifamily housing improved from a year earlier but stayed in negative territory.
The Multifamily Production Index (MPI) increased six points year-over-year to 46, while the Multifamily Occupancy Index (MOI) edged down one point to 74.
All four components of the MPI strengthened compared to the same quarter last year. The mid/high-rise and subsidized unit components each rose nine points, to 37 and 55, respectively. The built-to-sale component increased six points to 35, and the garden/low-rise segment rose three points to 51.
Two of the three MOI components declined year-over-year in Q3. The subsidized unit component dropped five points to 81, and the garden/low-rise component fell one point to 76. The mid/high-rise component held steady at 66. NAHB noted that all three occupancy components remain well above the neutral mark of 50.
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