US Multifamily Developer Confidence Slips in Q2

On Thursday, the National Association of Home Builders (NAHB) released its Q2 Multifamily Market Survey (MMS), showing that confidence in the market for new multifamily housing weakened year-over-year.

The Multifamily Production Index (MPI) registered a reading of 43, down 3 points from a year earlier. The Multifamily Occupancy Index (MOI) fell 8 points year-over-year to 74.

All three MOI components declined year-over-year but remained above the break-even level of 50. The mid/high-rise component fell 11 points to 62, the subsidized component declined 8 points to 82, and the garden/low-rise component dropped 7 points to 77.