Click here for multifamily market statistics featured in the December ’13 issue of MHN.
Banks are increasing their construction loans for the first time since 2007, according to Chandan Economics. Banks registered a quarterly increase of 897,529 in the second quarter 2013.
Year-over-year growth in residential construction prices decelerated from 2.1 percent in July 2013 to 1.7 percent in August 2013. After a period of significant increases, prices of building materials now display slower rates of year-over-year growth or outright declines, according to the National Association of Home Builders.
As a result of higher sales and lower inventory, August’s supply of existing condos and co-ops, which represents the length of time in months it would take to exhaust the condo and co-op inventory at the current sales pace, declined to 4.6. Over the past year, condo and co-op prices have risen by 17.7 percent.
Meanwhile, the month-over-month decrease in five-plus unit housing starts partially reversed the 20.4 percent increase that took place over the month of July 2013, according to NAHB.
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