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Minimal Rent Growth Expected for U.S. Multifamily Market in 2024

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Rent performance varies by region, with national average expected to decelerate U.S. multifamily rent growth and occupancy have deteriorated since the 2022 peak, and the 2024 Multifamily Outlook from Yardi® Matrix anticipates further deceleration in the second half of this year. According to the new report, advertised multifamily rents are up 1.1 percent year-to-date, with year-over-year increases maintaining each month at around 0.6 percent. Analysts expect that advertised rent growth will be around 1.7 percent for the calendar year, far below the 24 percent gain recorded in 2021 and 2022. Regional performance varies. A strong labor market and economic growth are supporting steady rent growth in the Midwest and Northeast, but an influx of new supply is putting pressure on rents in the Sun Belt, states the report. Inbound new supply is expected to continue to impact rents nationwide. Up to 553,000 of 1.2 million units under construction are forecast to come online by the end of 2024. “Supply growth has climbed in recent years due to strong demand for units, rapid rent growth and an influx of development capital,” state Matrix analysts. Between 2021 and 2023, 1.3 million units came online, while in the first half of the 2010s decade only 858,000 units were delivered, according to Matrix tracking. Gain more insights in the latest U.S. Multifamily Outlook from Yardi Matrix. SOURCE Yardi

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RE/MAX NATIONAL HOUSING REPORT FOR MAY 2024

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Inventory Jumped 40%, Home Prices Increased 5%, Sales Exceed 2023 Pace In May, both inventory and new listings grew to levels not seen since the second half of 2022.  The number of homes for sale, as surveyed across 53 metro areas, also increased, rising 8.7% over April and 39.6% year over year. And for the third consecutive month, the number of new listings exceeded 2023 levels by double-digit percentages – 15.1% in May, 18.2% in April, and 17.6% in March. Fueled by the 22-month high in new listings, May home sales grew 10.9% over April and 0.7% over last May. Monthly home sales in 2024 have now exceeded the 2023 monthly sales totals for four of the five months. The Median Sale Price increased 2.4% over April to $435,000. That was 4.8% higher than May 2023. The close-to-list price ratio remained at the 100% level it reached in April following eight months at 99% or less. “More sellers are seeing the advantages of listing their homes now. They’re getting their asking price and enjoying the benefits of a relatively quick sale,” said Amy Lessinger, President of RE/MAX, LLC. “Growing inventory offers more options for homebuyers, too, and we’re seeing more sales activity as a result. Mortgage rates continue to impact the rhythm of the housing market. If inventory keeps bulking up and mortgage rates don’t change, prices may eventually start to soften.” Metro areas across the U.S. have seen a steady increase in sales prices. Cleveland, OH, while having one of the lowest median sales prices in the report at $245,000, also experienced the biggest year-over-year increase, jumping 18.9%. Linda LaFleur, Broker/Owner of RE/MAX Crossroads in Cleveland said, “The median sales price has increased due to tight inventory and that’s stoking buyer competition and driving prices higher. The situation will likely persist until the Cleveland market offers more affordable housing and more listings are available. An uptick in listings would certainly help balance the market.” Other metrics of note: Highlights and local market results for May include: New Listings In the 53 metro areas surveyed in May 2024, the number of newly listed homes was up 5.3% compared to April 2024 and up 15.1% compared to May 2023. The markets with the biggest year-over-year increase in new listings percentage were San Diego, CA at +31.0%, Phoenix, AZ at +30.1%, and Seattle, WA at +25.9%. The markets with the biggest decrease in year-over-year new listings percentage were Cleveland, OH at -14.5%, Coeur d’Alene at -4.7%, and Des Moines, IA at -2.1%.  New Listings:5 Markets with the Biggest YoY Increase Market May 2024New Listings May 2023New Listings Year-over-Year% Change San Diego, CA 3,548 2,709 +31.0 % Phoenix, AZ 9,117 7,007 +30.1 % Seattle, WA 6,455 5,126 +25.9 % Denver, CO 6,726 5,478 +22.8 % Atlanta, GA 12,275 9,998 +22.8 % Closed Transactions Of the 53 metro areas surveyed in May 2024, the overall number of home sales was up 10.9% compared to April 2024 and up 0.7% compared to May 2023. The markets with the biggest increase in year-over-year sales percentage were Coeur d’Alene, ID at +21.4%, Salt Lake City, UT at +19.9%, and Burlington, VT at +17.5%. The markets with the biggest decrease in year-over-year sales percentage were Bozeman, MT at -9.1%, New Orleans, LA at -8.7%, followed by a tie between Cleveland, OH and Phoenix, AZ at -8.3%. Closed Transactions:5 Markets with the Biggest YoY Increase Market May 2024Transactions May 2023Transactions Year-over-Year% Change Coeur d’Alene, ID 341 281 +21.4 % Salt Lake City, UT 1,334 1,113 +19.9 % Burlington, VT 208 177 +17.5 % Trenton, NJ 310 267 +16.1 % Minneapolis, MN 4,626 4,020 +15.1 % Median Sales Price – Median of 53 metro area pricesIn May 2024, the median of all 53 metro area sales prices was $435,000, up 2.4% compared to April 2024, and up 4.8% from May 2023. The markets with the biggest year-over-year increase in median sales price were Cleveland, OH at +18.9%, Los Angeles, CA at +12.1%, and New York, NY at +11.9%. The markets with the biggest year-over-year decrease in median sales price were a three-way tie between Birmingham, AL, Honolulu, HI, and San Antonio, TX at -1.6%. Median Sales Price:5 Markets with the Biggest YoY Increase Market May 2024Median Sales Price May 2023Median Sales Price Year-over-Year% Change Cleveland, OH $245,000 $206,000 +18.9 % Los Angeles, CA $970,000 $865,000 +12.1 % New York, NY $610,000 $545,000 +11.9 % Manchester, NH $501,700 $452,001 +11.0 % Seattle, WA $775,000 $700,000 +10.7 % Close-to-List Price Ratio – Average of 53 metro area pricesIn May 2024, the average close-to-list price ratio of all 53 metro areas in the report was 100%, the same as in both April 2024 and May 2023. The close-to-list price ratio is calculated by the average value of the sales price divided by the list price for each transaction. When the number is above 100%, the home closed for more than the list price. If it’s less than 100%, the home sold for less than the list price. The metro areas with the highest close-to-list price ratios were San Francisco, CA at 106%, Hartford, CT at 105%, and Trenton, NJ at 104%. The metro areas with the lowest close-to-list price ratio were Miami, FL at 94%, New Orleans, LA at 96%, and Tampa, FL at 97%. Close-to-List Price Ratio:5 Markets with the Highest Close-to-List Price Ratio Market May 2024Close-to-List PriceRatio May 2023Close-to-List PriceRatio Year-over-YearDifference* San Francisco, CA 105.6 % 104.0 % +1.6 pp Hartford, CT 105.0 % 104.9 % +0.1 pp Trenton, NJ 104.2 % 101.4 % +2.8 pp Manchester, NH 103.1 % 103.6 % -0.5 pp Boston, MA 102.4 % 101.9 % +0.5 pp Days on Market – Average of 53 metro areasThe average days on market for homes sold in May 2024 was 34, down one day compared to the average in April 2024, and up two days compared to May 2023. Days on market is the number of days between when a home is first listed in an MLS and a sales contract is signed. The highest days on market averages were in Fayetteville, AR at 71, Coeur d’Alene, ID at 66, and San Antonio, TX at 62. The metro areas with the lowest days on market were Washington, DC at 11, Baltimore, MD at 12, followed by a tie between Hartford, CT and Manchester, NH at 14. Days on Market:5 Markets with the Highest Days on Market Market May 2024Days on Market May 2023Days on Market Year-over-Year% Change Fayetteville, AR 71 77 -7.4 % Coeur d’Alene, ID 66 32 +105.6 % San Antonio, TX 62 54 +14.8 % Miami, FL 60 51 +19.0 % Bozeman, MT 58 36 +62.3 % Months’ Supply of Inventory – Average

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More Than 3 in 5 Home Listings Are Now ‘Stale’ As Record-High Costs Dampen Demand

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More homes are sitting on the market for at least 30 days without going under contract, as homebuying demand falters in the face of high housing costs More than three in five (61.9%) homes that were on the market in May had been listed for at least 30 days without going under contract, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. That’s up from 60% one year earlier and roughly 50% two years earlier. The share of homes sitting on the market for at least one month has been increasing year over year since March, when growth in new listings accelerated but demand from buyers remained tepid, as it has been since mortgage rates started rising in 2022. More homes for sale paired with slow demand means that less-desirable listings are piling up, leaving some of them without a buyer. This is according to an analysis of Redfin’s housing-market data, which goes back through 2012. The inventory data in Redfin’s report includes homes that were on the market for at least 30 days, or at least 60 days, without going under contract and were actively listed on the final day of the month. Stubbornly high mortgage rates and record-high home prices have priced out many homebuyers, tempering demand even at a time of year when the housing market is typically warming up. The average 30-year fixed mortgage rate is 6.99%, more than double the pandemic-era low and just slightly below October 2023’s two-decade high of 7.8%. The median U.S. monthly housing payment is just about $30 shy of its record high. Redfin agents report that move-in ready homes in desirable neighborhoods are still selling quickly, but listings that don’t fit that bill are starting to pile up in some parts of the country. Two in five listings are sitting on the market for 60 days or more Two in five (40.1%) homes that were on the market in May had been listed for at least two months without going under contract. That’s unchanged from a year earlier and up from 27.8% two years earlier. The share of homes sitting on the market for at least 60 days was essentially flat year over year in both April and May. Before that, the metric had posted annual declines since last September. The share of homes sitting for at least 60 days is likely to start increasing next month so long as mortgage rates stay high, according to Redfin economists. Metro-level highlights: Unsold inventory, May 2024 The share of inventory sitting on the market for 30-plus days is growing fastest in Dallas. Just over 60% of Dallas listings that were on the market in May had been listed for at least 30 days, up from 53% a year earlier. Next come three Florida metros: Fort Lauderdale (75.5%, up from 68.2%), Tampa (68.7%, up from 61.9%) and Jacksonville (69.2%, up from 62.9%). Inventory is growing stale fast in Texas and Florida largely because those states are building far more homes than anywhere else in the country, contributing to rising supply, and because some homebuyers are nervous about the increasing prevalence of natural disasters. On the other end of the spectrum, the share of homes sitting on the market for at least 30 days has declined most in Seattle (41.2%, down from 50.5%), Las Vegas (55.9%, down from 63.9%) and San Jose, CA (34.4%, down from 42.2%). To view the full report, including charts and additional metro-level data, please visit: https://www.redfin.com/news/stale-inventory-may-2024 Contacts Redfin Journalist Services:Angela Cherrypress@redfin.com

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Markerr Announces the Launch of RealRent Comps for Multifamily and Single Family Rental Properties

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Largest source of publicly aggregated, real-time rental comps covers 28m units and includes floor plan granularity, amenities and concessions  Markerr, a leader in data and AI for real estate, announces the launch of RealRent Comps, a new product delivering unique insight into rental markets for investors, owners, operators and property managers. Integrated within Markerr Data Studio, RealRent Comps provides unprecedented coverage, timeliness and granularity to comps analysis, setting new standards for investment and operational decision-making in the industry. Markerr clients are actively leveraging RealRent Comps to power a range of decisions across the asset life cycle including pricing, asset management, rent optimization and acquisitions and underwriting. RealRent Comps, accessible via Markerr Data Studio, not only provides advanced search and analytical capabilities but also utilizes Markerr’s broad data network to enhance our proprietary comps algorithm. This algorithm leverages machine learning to analyze key property and unit attributes, enabling clients to quickly identify and rank competitive properties. By integrating comprehensive, daily updated data at the floor plan level, users can make informed pricing decisions and evaluate investment potential with greater accuracy and insight. “Implementing Markerr’s data has allowed us to build out proprietary analytics and insight to make data driven decisions at granular levels,” said Charlie Garner, Principal, Fulton Peak Capital LLC. “We are excited to expand our relationship with Markerr with the addition of RealRent Comps, which will further enhance our real-time and innovative decision making.” The introduction of RealRent Comps arrives at a time when much of the industry is moving away from rental data sources aggregated via private data sharing and call centers. RealRent Comps provides clients with critical insight into rent trends, comps, pricing and concessions while mitigating risk from private data shared via “give and get” data aggregation models. In creating the RealRent dataset, Markerr has developed a sophisticated and comprehensive approach to public data aggregation. By integrating data from diverse sources including marketplaces, aggregators, originators, community websites, and authoritative government datasets, Markerr ensures RealRent data is complete, accurate and timely. This rich mix of data, ranging from asking rental rates by floorplan to detailed property features, unit mix, concessions and availability, underpins RealRent’s ability to offer real estate professionals, investors, and analysts a multifaceted view of the rental landscape. Andrew Jenkins, Chief Product Officer at Markerr, highlighted the company’s commitment to integrating advanced data science with practical real estate business applications. “Markerr RealRent Comps is steering pivotal decisions among top real estate industry leaders. The integration of AI with our publicly-sourced rental data empowers our client with critical rental insights that dramatically improve strategic decision-making while mitigating risk.” Jenkins noted. Markerr RealRent Comps is immediately available to clients. About Markerr:Markerr is at the forefront of the real estate industry, offering innovative data products that empower investors to thrive in multifamily real estate investments. Leveraging real-time data, advanced machine learning, and generative AI, Markerr enables clients to gain a competitive edge and make more confident, efficient decisions. Trusted by leading institutional real estate owners and operators worldwide, Markerr is supported by top investors including RET Ventures, Pretium, and Bridge Investment Group. Visit www.markerr.com for further details. SOURCE Markerr CONTACT: shlomo.morgulis@antennagroup.com

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CoreLogic: US Homeowners See Equity Increase to Nearly All-Time High in Q1

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CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, released the Homeowner Equity Report (HER) for the first quarter of 2024. The report shows that U.S. homeowners with mortgages (which account for roughly 62% of all properties) saw home equity increase by 9.6% year over year, representing a collective gain of $1.5 trillion and an average increase of $28,000 per borrower since the first quarter of 2023. This brought total net homeowner equity to more than $17 trillion at the end of Q1 2024. U.S. homeowners with a mortgage continued to see healthy annual equity gains in the opening quarter of 2024. As one of the nation’s most expensive states with perpetually high housing demand, California homeowners saw the largest equity gain in the country at $64,000, with those in the Los Angeles metro area netting $72,000 year over year. Most of the other large equity gains were concentrated in the Northeast, including New Jersey ($59,000), a state that has ranked in the top three for annual appreciation in CoreLogic’s monthly Home Price Insights report since last fall. “With home prices continuing to reach new highs, owners are also seeing their equity approach the historic peaks of 2023, close to a total of $305,000 per owner,” said Dr. Selma Hepp, chief economist for CoreLogic. “Importantly, higher prices have also lifted some 190,000 homeowners out of negative equity, leaving only about 1.8% of those with mortgages underwater.” “Home equity is key to mortgage holders who have seen other homeownership costs soar, including insurance, taxes and HOA fees, as a source of financial buffer,” Hepp continued. “Also, low amounts of negative equity are welcomed in markets that have shown price weaknesses this spring, such as Florida (1.1% of homes underwater) and Texas (1.7% of homes underwater) — both of which are below the national rate — as further price declines could drive more homeowners to lose their equity.” Negative equity, also referred to as underwater or upside-down mortgages, applies to borrowers who owe more on their mortgages than their homes are currently worth. As of the first quarter of 2024, the quarterly and annual changes in negative equity were: Because home equity is affected by home price changes, borrowers with equity positions near (+/- 5%), the negative equity cutoff, are most likely to move out of or into negative equity as prices change, respectively. Looking at the first quarter of 2024 book of mortgages, if home prices increase by 5%, 111,000 homes would regain equity; if home prices decline by 5%, 153,000 properties would fall underwater. The next CoreLogic Homeowner Equity Report will be released in September 2024, featuring data for Q2 2024. For ongoing housing trends and data, visit the CoreLogic Intelligence Blog: www.corelogic.com/intelligence. Source: CoreLogic

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U.S. HOME-MORTGAGE LENDING DECLINES AGAIN IN FIRST QUARTER, NEARING LOW POINT

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Residential Loans Down Another 7 Percent, to Smallest Level Since 2000;  Total Lending Activity Off Almost 70 Percent in Three Years;  Purchase, Refinance and Home-Equity Lending All Decrease ATTOM, a leading curator of land, property, and real estate data, released its first-quarter 2024 U.S. Residential Property Mortgage Origination Report, which shows that 1.28 million mortgages secured by residential property (1 to 4 units) were issued in the United States during the first quarter, representing a 6.8 percent decline from the previous quarter. The drop-off marked the 11th in the last 12 quarters, to the lowest level since 2000. The latest decline left total residential lending activity down 4.8 percent from a year earlier and 69.3 percent from a high point hit in 2021. It came amid another period of rising mortgage interest rates and elevated home prices unaffordable to significant portions of American households, on top of low supplies of homes for sale. Ongoing decreases in lending activity during the first quarter resulted from losses in all major categories of residential lending. Purchase-loan activity went down another 9.9 percent quarterly, to about 565,000, while refinance deals dipped downward by 1.9 percent, to 491,000. Home-equity credit lines slipped 9 percent, to 222,000. Measured monetarily, lenders issued $405.6 billion worth of residential mortgages in the first quarter of 2024. That was down 4.8 percent from the fourth quarter of 2023 and 4.5 percent from the first quarter of last year. The varying paces of change among different loan types helped reduce the portion of all residential mortgages represented by purchase lending for the third straight quarter while pushing the refinance component upward. Still, purchase loans were the most common form of mortgages around the U.S. in early 2024, comprising more than 40 percent, followed by refinance packages and home-equity lending. “There is reason to hope that we will see something of a turnaround when second-quarter data comes in, given the jump in lending activity that happened during the peak home-buying season of 2023,” said Rob Barber, CEO at ATTOM. “But with little sign that interest rates are coming down, which could fire up refinance and HELOC lending, or that supplies of homes for sale are going up, any increase is likely to be limited.” Home-mortgage lending took another hit in the early months of 2024 as average interest rates for 30-year fixed loans rose close to 7 percent (it has since increased). That continued to push up home ownership costs at a time when near-record home prices in most of the country already were unaffordable, or a significant financial stretch, for average wage earners. Purchase lending was further eroded amid counts of homes for sale that were less than half the levels seen five years ago. Total lending activity down in two-thirds of nationBanks and other lenders issued a total of 1,277,899 residential mortgages in the first quarter of 2024, down from 1,371,344 in the fourth quarter of 2023. The fallback continued a three-year run of declines that was broken only by a spike in the second quarter of last year. The latest total also was down annually from 1,343,010 in the first quarter of 2023, and from a recent high point of 4,165,204 hit in the first quarter of 2021. A total of $405.6 billion was lent to homeowners and buyers in the first quarter of this year, which was down from $426.1 billion in the prior quarter and down from $424.6 billion in the first quarter of 2023. The latest figure stood at less than one-third of the recent peak of $1.29 trillion hit in 2021. Overall lending activity dipped lower from the fourth quarter of last year to the first quarter of this year in 125, or 69 percent, of the 182 metropolitan statistical areas around the U.S. that had a population of 200,000 or more and at least 1,000 total residential mortgages issued in the first quarter of 2024. Total lending also remained down from the first quarter of 2023 in 118, or 65 percent, of the metro areas analyzed. It was off by at least 5 percent annually in almost half of those markets. The largest quarterly decreases were in St. Louis, MO (total lending down 40.5 percent from the fourth quarter of 2023 to the first quarter of 2024); Buffalo, NY (down 29.9 percent); Albany, NY (down 28.6 percent); Syracuse, NY (down 27.4 percent) and Pensacola, FL (down 25.6 percent). Aside from St. Louis and Buffalo, metro areas with a population of least 1 million that had the biggest decreases in total loans from the fourth quarter of 2023 to the first quarter of 2024 were Minneapolis, MN (down 21.2 percent); Hartford, CT (down 18.2 percent) and Honolulu, HI (down 16.3 percent). The biggest quarterly increases among metro areas with a population of at least 1 million came in Tucson, AZ (total lending up 15.2 percent from the fourth quarter of 2023 to the first quarter of 2024); Phoenix, AZ (up 14.9 percent); Birmingham, AL (up 8.8 percent); Virginia Beach, VA (up 8.6 percent) and Memphis, TN (up 8.3 percent). Purchase mortgages slump throughout U.S. but remain top loan typeLoans issued to home buyers fell back in the first few months of 2024 for the third straight quarter after a surge of about 25 percent in the Spring of last year. The latest total of 564,598 dropped from 626,759 in the fourth quarter of 2023. It was also down 12.3 percent from 643,988 a year earlier and almost two-thirds from a high point of 1,516,377 hit in the Spring of 2021. The $214.8 billion dollar volume of purchase loans in the first quarter of 2024 was down 6.7 percent from $230.2 billion in the fourth quarter of 2023 and 7.8 percent from $233.1 billion in the first quarter of last year. Residential purchase-mortgage originations decreased quarterly in 132 of the 182 metro areas in the report (73 percent) and annually in 77 percent of those markets. The largest quarterly decreases were in Wichita, KS (purchase loans down 66.5 percent from the fourth quarter of 2023 to the first quarter of 2024); Mobile AL (down 54.2 percent); St. Louis, MO (down 45.3 percent); Manchester, NH (down 39 percent) and Buffalo, NY (down 38.3 percent). Aside from St. Louis and Buffalo, the biggest quarterly decreases in metro areas with a population of at least 1 million in the first

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