So Cal Multifamily Sales Pulse - August 18, 2024 - August 24, 2024
Disclaimer: All information contained herein is obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only. We make no claim(s) as to the accuracy or reliability of the information presented. If you wish for us to analyze your specific property or situation please feel free to call or email us anytime.
Here's What's Happening In The Market, Here’s What This Means For You
| Investor Share of Home Purchases Close to Record Investor home purchases rose 3.4% in Q2, while overall U.S. home purchases fell 1.9%. |
New Multifamily Data Points to a Stabilizing Market The market is on a path for recovery. |
| Office Market May Be Nearing Bottom, Says Moody's However, even if correct, they say it could take another two years to get closer to normal. |
Bargain Shoppers Drive Foot Traffic at Dollar Stores Amid Persistent High Prices Both Dollar General and Dollar Tree are expanding this year as foot traffic and repeat visits surge. |
| CBRE Declares the Multifamily Market Has Bottomed Out Vacancy rate has stabilized after rising for two years, while rents are expected to return to faster growth before year-end. |
Goldman Sachs Make U-Turn on Recession Prediction Increased warnings may have been a bad read on some recent economics news. |
| Office CMBS Delinquency Rate Tops 8% For First Time Since November 2013 Multifamily CMBS delinquency was also up, but retail and lodging rates were down. |
Survey Expects CRE Distress to Rise Amid a choppy marketplace with high office vacancy rates and uncertainty about the demand for more real estate, experts are predicting only more distress to come. |
| ‘It’s Like A Mirage’: Investor Says Rate Cuts Won’t Be CRE’s Savior The real culprit behind distress, specifically in the multifamily sector, is that rents are flattening or declining in many markets while operating expenses are skyrocketing. |
Mortgage Originations Are Up 27% From Prior Quarter Hotel, healthcare, and industrial saw increases while retail, office, and multifamily dropped. |
| What the 818K Downward Jobs Revision Means for CRE Better prospects for a rate cut, most likely, but individual sectors might have to recalibrate their strategies. |
Americans Believe It Takes $2.5M to Be Considered Wealthy A new Charles Schwab survey reveals Americans believe a net worth of $2.5M is needed to be wealthy in 2024, 14% more than last year. |
| Inland Empire Multifamily Market Bouncing Back, Report Finds Investment sales nearly doubled in the second quarter this year thanks partly to strong occupancy rates. |
US Home-Purchase Applications At 6-Month Low A measure of US mortgage applications for home purchases slid last week to the lowest level since February, indicating elevated housing prices are impeding a nascent upswing in demand from falling mortgage rates. |
| Southern California Unemployment Hits 6% In July, A 33-Month High July is traditionally a weak month for hiring as government employees including teachers take a break. |
California Apartment Permits Dip To 12-Year Low But New Home Construction Rises Single-family permits up 13% compared to 2023's second half, multifamily down 27%. |
| Multifamily Momentum is Building as Strong Demand Continues Vacancy declined during the second quarter for the first time since 2021. |
Multifamily Permits Drop 27% in California Apartment permits hit 12-year low as single-family permits rise by 13%. |
| Expert: CRE Investment Climate Is Thawing He paints a vivid picture of change in market sentiment. |
Harris and Trump Agree On Lowering Housing Costs — But Their Plans Take Radically Different Paths As the candidates unveil their positions on the top issues facing voters, housing has emerged as a higher-priority topic than in past elections. |
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