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Multifamily Sector Posts Gains in Q2

By Susanne Dwyer

The multifamily housing market, which includes apartments and condominiums, posted gains in the second quarter of 2017, according to the latest National Association of Home Builders (NAHB) Multifamily Production Index (MPI). The Index rose eight points to 56. An above-50 reading indicates more builders have a positive outlook than a negative one.

“A return to a positive trend in the MPI is consistent with positive builder sentiment in other segments of the housing industry,” said Robert Dietz, chief economist of the NAHB, in a statement. “Multifamily demand remains solid, even as apartment construction comes off cycle highs as the multifamily market seeks a balance between supply and demand.”

The Index includes three measures: construction of low-rent units, market-rate units and for sale units (i.e., condos). All three rose in the second quarter, with construction of low-rent and market-rate units up five points to 53 and 60, respectively, and construction of for sale units up 14 points to 57—the highest in the Index since 2005.

“Multifamily developers continue to see strong demand in many parts of the country,” said Steven E. Lawson, and vice chairman of NAHB’s Multifamily Council, in a statement. “However, developers need to be careful to manage costs as prices of land, labor and some materials continue to rise.”

Source: National Association of Home Builders (NAHB)

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HECM Endorsements Jump to 4-Month High

Federally insured reverse mortgage production last month was higher than it’s been in four months. The biggest lender maintained its standing.

Originators of home-equity conversion mortgages generated 4,927 endorsements by the Federal Housing Administration during August.

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Pending Home Sales Stall, South Leads Drop

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AAG Is Reverse Mortgage Success Story

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O’Reilly Auto board authorizes $1 billion in additional share buybacks

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Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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