According to the National Association of Home Builders, confidence in the US Multifamily housing market continues into the second quarter of 2018.
The MPI (Market Penetration Index) has remained static since last quarter, at a reading ofÂ 53.Â The MPI measures developers sentiment about the conditions of the market on a scale of 0 to 100.Â Typically, any number above 50 indicates that conditions are improving.
The MPI rate is an average of three elements of the Multifamily housing market:
- Construction of low-rent units (supported by low income tax credits or other government subsidy);
- Market-rate rental units,Â and
- For-sale units
Low rent units edged down two points to 54, while the Market-rate rental units increased to 56 and for-sale units remained at 49.
According to the NAHB Chief Economist Robert Dietz, the market has reached a healthy, sustainable level of production and Multifamily builders and developers are reporting solid demand around theÂ country anticipating a steady demand through the rest of the year as household formations continue to grow.
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