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May 18, 2022

Florida Leads Multifamily Sector Streak of Record Rent Growth: Yardi Matrix

Multifamily demand and rent growth remain exceptionally strong, Yardi Matrix reported May 10 in its latest Multifamily report. Average U.S. asking rents rose $15 in April to an all-time high of $1,659, and year-over-year growth remained high at 14.3%. Markets in Florida and the Southwest maintained the top spots in year-over-year rankings. Boston, New York, San Jose, California, and Philadelphia also ranked as top performers.

May 18, 2022

National Nominating Committee Nominates Paula Konikoff as 2023 AI Vice President

Paula K. Konikoff, JD, MAI, AI-GRS, was nominated for 2023 Appraisal Institute vice president by the AI National Nominating Committee at its May 11 meeting in Chicago.

May 18, 2022

Housing Sentiment Falls to Lowest Level in Two Years

Consumer sentiment toward housing fell to its lowest point since May 2020, with 76% of consumers saying now is a bad time to buy a home, an all-time high, Fannie Mae reported May 9 in its Home Purchase Sentiment Index. Rising mortgage rates contributed to the declining sentiment, with 73% of respondents expecting rates to continue rising over the next 12 months.

May 18, 2022

Mortgage Rates Still on the Rise, Up from Last Year, Freddie Mac Report Shows

Mortgage rates continued to climb during the past week, but homebuyers are bouncing back, despite monthly payments rising to about one-third higher than they were one year ago, Freddie Mac reported May 12 in its Primary Mortgage Market Survey. First-time homebuyers are contributing to the homebuying resilience, with many looking to realize the dream of homeownership despite high mortgage rates.

May 18, 2022

US Housing Supply on Track to a Rebound: Realtor.com

Active home listings in April were down 12.2% from the same point a year ago, but that annual decline was the smallest since December 2019 and indicates inventory is poised to rebound, Realtor.com reported May 10 in its Monthly Housing Trends report. An increase in the share of mid-sized properties was a primarily reason for the improvement because it allowed buyers to upgrade from starter homes.

May 18, 2022

Companies Set Plans to Refine Office Spaces: CBRE Survey

Most office-using companies are developing plans to adjust their spaces as employees return after two years of remote work, according to CBRE’s U.S. Office Occupier Sentiment Survey, MBA NewsLink reported May 10. Fifty-two percent of respondents say they intend to reduce office space for more efficient use, up 44% from last year, and 73% of companies plan to continue supporting a hybrid work schedule.

May 18, 2022

Commercial and Multifamily Borrowing Surges 72% from Last Year: MBA Report

Commercial and multifamily mortgage loan originations increased 72% in the first quarter from a year ago, the Mortgage Bankers Association reported May 12 in its Quarterly Survey of Commercial/Multifamily Mortgage Bankers Organizations. By property type, hotels increased by 359%, industrial by 145%, retail by 88%, health care properties by 81%, multifamily by 57% and office by 30%.

May 18, 2022

Homes Selling at Record Pace Amid Rising Housing Costs, Payments Up: Redfin

Homes for sale found a buyer in 15 days in the four weeks ending May 8, the fastest home selling pace on record, as buyers work to snatch up properties before their prices skyrocket further, Redfin reported May 12. The average homebuyer’s monthly mortgage payment is currently $2,427, a record high, and up 44% from last year.

May 18, 2022

Commercial Real Estate Sentiment Index Predicts Improving Conditions During Year

The spring edition of the NAIOP CRE Sentiment Index published May 5 revealed that sentiment is down slightly from fall 2021, but still anticipates improving conditions for the industry over the next year. Although inflation, labor costs and interest rates continue to rise, overall optimism remains strong, particularly in the industrial sector.

May 18, 2022

AI Board of Directors Adopts 45-Day Notice Items During May Meeting

The Appraisal Institute Board of Directors voted to adopt four 45-Day Notice items during its May 12-13 meeting in Chicago. The 45-Day Notice items address Bylaws modernization, the Candidate for Designation program, alternate chapter representatives to regional committees and proposed amendments to the Appraisal Institute Code of Professional Ethics and Explanatory Comments to the Code of Professional Ethics.