So Cal Multifamily Sales Pulse - June 23, 2024 - June 29, 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
| Bad News for Homebuyers: "We are in a Big Hole" Filling the housing shortage is the long-term answer to making housing more affordable. |
What's Changed in CRE Sales Trends Prices per square foot, cap rates, and occupancies were some of the top trends during May 2024. |
| Retailers Cut Prices as Consumers Show Spending Strain As pressure hits consumers, it ultimately transfers to commercial real estate. |
Sales Slip as Home Prices Hit Record High Across U.S. Existing-home sales declined in May for the third consecutive month as the median sales price climbed to a record high of $419,300, up 5.8% from a year ago. |
| Orange County Rises To No. 1 Home-Price Gains In US On High-End Rush San Diego County prices rose 8.4% overall (No. 3) |
Fading Housing Demand Poses a Danger to Economic Conditions Homebuilders are 'increasingly pulling back' on building plans. |
| Housing's Battle of Demand Versus Affordability 'Cracks are forming beneath the surface,' says Cushman & Wakefield. |
More Renters Can't Afford Apartment Living While lower-income renters struggled to find affordable rentals, more higher-rent units came on the market. |
| Builders Say They're Stuck As Sentiment Slumps To Lowest Level Since December An economist for a U.S. home builder group said there's a catch-22 between inflation and interest rates. |
The $2T Wall Of Maturities Is Being Climbed Behind Closed Doors There's a lot happening in the background, besides what's happening with maturities, that we can’t track. |
| U.S. Shopping Center Leasing Reaches Two-Decade High Leasing in U.S. shopping centers is reaching a record pace as demand for retail surges following years of limited construction. |
Banking Credit Risk Spreads Across Multifamily Real Estate Comptroller of Currency Highlights Growing Regulatory Concern |
| Top Corporate CFOs Are Losing Some Confidence In Economy, As Consumer Demand Fears Spike Consumers are still traveling and eating out, the transaction values for those activities are down. |
Apartment Starts Plummet 52% Completions for buildings with five or more units rose only 0.8% in May as investors eyed new buildings. |
| This is What the End of Extend and Pretend Looks Like Big banks are trying to unload loans before they're forced to recognize a loss. |
OCC Underscores Multifamily as a Risk to the Banking System Office and some multifamily types are the big concerns say the regulator. |
| Multifamily Challenges Include Rising Costs, Slowing NOI Insurance premiums rose 27.7% YOY in January. |
Handicapping the Hard-, Soft-, and No-Landing Scenarios for CRE A soft landing still seems like the most likely outcome, at least for now. |
| US Big Banks Survive the Fed's CRE Shock Scenario 31 large institutions withstood a hypothetical 40% drop in valuations. |
MSCI: Prices Have Fallen Over 20% In Less Than 2 Years Additionally, apartment sales dropped 44% year over year in May to $6.7 billion. |
| BoA Has Grim News for Homebuyers Prices will stay high and could go higher, while inventory remains scarce. |
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