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National home prices increased 18% year over year in October 2021, according to the latest CoreLogic Home Price Index (HPI®) Report . The October 2021 HPI gain was up from the October 2020 gain of 7.4% and was the highest 12-month growth in the U.S. index since the series began in 1976. The increase in home prices was fueled by low mortgage rates, low for-sale supply and an influx in homebuying activity from investors. Projected increases in for-sale supply and moderation in demand as prices grow out of reach for some buyers could slow home price gains over the next 12 months.

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May 23, 2022 / Real Estate

The Five Largest Apartment Transactions in 1st Quarter

From RealPage
Apartment transaction volumes eased in 1st quarter 2022, following record volumes in 4th quarter 2021. Roughly 2,200 apartment properties changed hands at a value of nearly $63 billion during 1st quarter 2022, according to Real Capital Analytics (RCA). This was the strongest 1st quarter on record, though transactions were well below the previous quarter when around 4,900 properties changed hands for more than $161.6 billion.
May 18, 2022 / Real Estate

Annual Rent Growth Hits One-Year Record High in March, CoreLogic Reports

From CoreLogic
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its latest Single-Family Rent Index (SFRI), which analyzes single-family rent price changes nationally and across major metropolitan areas. U.S. single-family rent price growth continued at a record pace in March, up 13.6% from one year earlier. Slim inventory continues to squeeze renters, as do robust home price gains – both familiar culprits in declining affordability.
May 16, 2022 / Real Estate

Apartment Renters Renewing Leases at Record Levels, Even as Rents Increase

From RealPage
More apartment renters than ever are choosing to renew leases in the same unit, even as rents jump amidst rapid inflation. At the same time, market-rate renter incomes continue to soar – helping push up affordability ceilings. More than 57% of market-rate renters with an expiring lease renewed over the last 12 months, up 3.5 percentage points year-over-year, according to actual rent rolls running on the RealPage platform. By comparison, apartment retention between 2010 to 2019 averaged 51.5% before soaring in the COVID era.
May 11, 2022 / Real Estate

Where Next for US Commercial Mortgage Rates?

From Real Capital Analytics
Inflation poses a challenge for the financing of commercial real estate. As inflationary pressure pushes up interest rates, the cost to finance commercial real estate investments can increase as well. U.S. commercial mortgages originated in 2021 had an average 3.7% coupon rate for 7/10-year fixed rate products. Into March of this year, this rate had climbed to 4.3%, an extra 60 basis points. Increases in other rate instruments could foretell further commercial rate increases if traditional relationships hold moving forward.
May 11, 2022 / Real Estate

Loan Performance Insights

From CoreLogic
The CoreLogic Loan Performance Insights report features an interactive view of our mortgage performance analysis through February 2022. Measuring early-stage delinquency rates is important for analyzing the health of the mortgage market. To more comprehensively monitor mortgage performance, CoreLogic examines all stages of delinquency as well as transition rates that indicate the percent of mortgages moving from one stage of delinquency to the next.
May 10, 2022 / Real Estate

Top 10 U.S. Metros Where Spring and Summer Home Sellers See Higher Premiums

From Attom Data Solutions
ATTOM’s newly released Best Days to Sell A Home Analysis reveals that the months of May, June and July offer seller premiums of 10 percent or more above market value, based on home sales over the past 11 years – with the top 15 best days to sell in the month of May alone. According to ATTOM’s latest analysis of more than 46 million single family home and condo sales between 2011 and 2021, the Spring and Summer months continue to prove more profitable for home sellers.
May 9, 2022 / Real Estate

Price-to-Rent Ratio: A Signal of Overvaluation

From CoreLogic
Home prices rose a whopping 20% over the past year and rents on single-family homes were up 13%, according to the CoreLogic national Home Price Index and Single-Family Rent Index. With prices up more than rent, is it a sign that homes are overvalued? Price growth that outstrips rent gains over an extended period could be a sign that homes are overvalued if capitalization rates, otherwise called cap rates, had remained unchanged. A cap rate is used by real estate professionals to convert net operating income on an investment property into a market value.
May 5, 2022 / Real Estate

What Do You Know About PACE, A Once Fast-Growing Home Improvement Loan?

From CoreLogic
If you are a homeowner living in California, Florida or parts of Missouri and have not already had installed solar panels or new roofing with a PACE loan, there is still a good chance that you know a friend or neighbor who has, or you’ve been pitched by private contractors selling PACE. PACE is an abbreviation for Property Assessed Clean Energy. As the name indicates, PACE provides financing for green and renewable energy home improvements, although it is not limited to such. Retrofitting properties with energy upgrades is costly, and PACE provides incentives such as 100% long-term financing.
May 2, 2022 / Real Estate

Multifamily Construction Climbs in March as Single-Family Stalls

From RealPage
Multifamily building permits and starts were both up sharply in March compared to February, despite slight upward revisions to previous data. According to the U.S. Census Bureau, the annual pace of multifamily permitting increased 10.9% to 672,000 units from February’s revised rate of 606,000 units. Permits are up 33.6% from the annual rate from one year ago. Annualized multifamily starts were up 7.5% from last month and 28.1% from last year, with 574,000 units started. Both multifamily permits and starts have been on an upward trajectory since the end of the pandemic lockdowns.
April 29, 2022 / Real Estate

Big Supply – and Bigger Demand – in Texas Apartments

From RealPage
The Texas apartment market has been a supply and demand beast for the past two years. Among the 11 largest Texas apartment markets that fall within the top 150 U.S. markets examined by RealPage Market Analytics, supply and demand volumes have grown significantly over the past two years. The existing unit count in the state of Texas has grown by 140,000 new apartments over the past two years, which increased the state’s existing inventory base roughly 6%.
April 29, 2022 / Real Estate

Apartment List National Rent Report

From Apartment List
Welcome to the May 2022 Apartment List National Rent Report. Rent growth is continuing to pick up steam again, after a brief winter cooldown, with our national index up by 0.9 percent over the course of April. So far this year, rents are growing more slowly than they did in 2021, but faster than the growth we observed in the years immediately preceding the pandemic. Year-over-year rent growth currently stands at a staggering 16.3 percent, but most of that growth took place last spring and summer.
April 25, 2022 / Real Estate

U.S. Foreclosure Activity Sets Post Pandemic Highs in First Quarter of 2022

From Attom Data Solutions
ATTOM, licensor of the nation’s most comprehensive foreclosure data and parent company to RealtyTrac (www.realtytrac.com), the largest online marketplace for foreclosure and distressed properties, today released its Q1 2022 U.S. Foreclosure Market Report, which shows a total of 78,271 U.S. properties with a foreclosure filing during the first quarter of 2022, up 39 percent from the previous quarter and up 132 percent from a year ago.
April 20, 2022 / Real Estate

Average Student Housing Rents Ranked by State

From RealPage
Much like conventional apartment rents, student housing pricing varies widely across the U.S. The average price of a student housing bed runs higher in states with steeper conventional apartment prices, such as in the Northeast and West, and lower in the South and Southeast. Across the core 175 universities tracked by RealPage, average effective asking rents per bed in privately owned student housing runs around $860 per month.
April 20, 2022 / Real Estate

Total Construction Starts Decline in March

From Dodge Analytics
Total construction starts fell 12% in March to a seasonally adjusted annual rate of $903.8 billion, according to Dodge Construction Network. Nonresidential building starts lost 29%, in part due to the start of three large manufacturing facilities in the prior month. When those three large projects are removed, nonresidential starts in March would have risen 10%. Residential starts also fell 3%, and nonbuilding starts lost 2%. Year-to-date, total construction was 9% higher in the first three months of 2022 than in the same period of 2021. Nonresidential building starts rose 26%, residential starts gained 3%, while nonbuilding starts were 1% lower.
April 20, 2022 / Real Estate

Rent Growth Extends Record-Breaking Streak in February, CoreLogic Reports

From CoreLogic
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its latest Single-Family Rent Index (SFRI), which analyzes single-family rent price changes nationally and across major metropolitan areas. U.S. rent prices continued their double-digit gains in February, rising 13.1% from one year earlier to hit another new record as the highest in the history of the index. Warmer areas of the country again posted the largest price hikes, with rents in Miami up 39.5% from February 2021.
April 18, 2022 / Real Estate

Student Housing Pre-Leasing Hits a Record High and Rent Growth Surges

From RealPage
Student housing performance readings continue highlighting the overall sector rebound from the pandemic-induced lull. Fall 2022 pre-lease velocity among the RealPage 175 set of campuses through March (61.2%) is ahead of March 2020 (59.5%) levels. It should be noted that March 2020 figures were at the precipice of the COVID-19-driven slowdown. Much of the month’s leasing activity had already happened by the time that quarantine measures were taking place. Therefore, it wasn’t until April that performance slowdowns really came into the picture.
April 18, 2022 / Real Estate

Australian Construction Booms Despite Persistent Headwinds

From Real Capital Analytics
Australia’s construction sector has faced many headwinds due to Covid, with constrained supply pipelines causing delays in shipments of necessary materials, lockdowns hampering progress on much construction activity, and, more recently, significantly rising costs. However, over the last two years, there has still been significant investment in building new assets, thereby increasing the amount of stock and the size of the investment market.
April 14, 2022 / Real Estate

U.S. Delinquencies Remain Low in January on Home Equity Accumulation and Job Gains

From CoreLogic
The nation’s overall delinquency rate was 3.3% in January. All U.S. states and metro areas posted year-over-year decreases in delinquencies.In January 2022, 3.3% of home mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure), which was a 2.3-percentage point decrease from January 2021 according to the latest CoreLogic Loan Performance Insights Report . This is the lowest recorded overall delinquency rate in the U.S. since at least January 1999.
April 13, 2022 / Real Estate

Occupancy in Three-Bedroom Units Swells During Pandemic

From RealPage
Record demand has pushed apartment occupancy to new highs in the U.S. since the onset of the COVID-19 pandemic. As nationwide occupancy increased, all floorplans got a boost. No floorplan has experienced a greater surge in demand than three-bedroom units, according to data from RealPage Market Analytics. Compared to February 2020 (the last month before the pandemic began), three-bedroom units gained 260 basis points (bps) in occupancy to register at 97.4% in March 2022. That’s one of the highest rates on record since RealPage began tracking this unit type.
April 7, 2022 / Real Estate

Rapid Rent Growth Likely to Keep Inflation Elevated

From CoreLogic
Recent price indexes show that inflation is at a 40-year high. Supply chain disruptions have led to a spike in prices for various goods, which has added to the cost of construction and delayed home completions. Housing is a big part of every family’s monthly spending, so when housing costs go up, it also adds to inflation measurement. Rent is the main way that housing costs enter U.S. inflation metrics. For owner-occupied homes, the government estimates a rental equivalent to assign value to the flow of housing services.