Last week we examined the markets with the most units currently under construction. Large metros like New York, Dallas and Miami topped the list with existing construction well above 50,000 units. While there is no denying the size of those pipelines, the top markets also have significant existing inventory and population.
October employment growth was weaker than it had been in previous months with new job gains totaling 150,000. August and September gains were revised down, painting a slightly more bleak picture of the employment market than we have seen in recent months. As a result, the 10-year treasury retreated quickly, although it remains high at 4.6%.
The apartment market is slowing down in a number of metros nationwide, with most markets falling into one of two buckets of underperformance. Metros in the southeast and southwest are experiencing some of the most new construction since the 1980’s resulting in immense new supply pressure, despite some of the strongest demand drivers in the nation.
U.S. economic growth is gaining momentum following a very strong initial estimate of Q3 GDP. The broad measure of economic output showed the economy expanding at a 4.9% annual rate, more than double the growth rate from the first half of the year. Despite higher interest rates throughout the quarter, the American consumer continued to spend.
A few weeks ago we showed you the top 10 submarkets nationwide for annual RevPAU performance. Well it’s Spooky Season, so this week let’s take a look at some of the scariest performance in the country. Austin is well represented with three submarkets in the top 10 for largest RevPAU declines…
In what is perhaps something of a silver lining for the rental housing sector, recent data suggests it is the most expensive time to buy a single family home since the mid 1990s. But, as with all things in the current real estate market, there is more to the story.
While fundamentals have slowed and concessions have been on the rise in most markets this year, it is important to look at average concessions in a longer-term context. Concessions have increased more than 50% from this time last year, however, the average national concession remains lower than it was from 2017-late 2021.