June 30, 2023

A Full Account of the Housing Market in 2023

1 hour 33 minutes

The multifamily market continues to steadily improve, with solid underlying fundamentals but softer demand in areas that have seen a major influx of supply, a situation that lines up with the mixture of positive and negative indicators for the broader housing market and for the economy as a whole. Both home prices and rents have recently shown negative year-over-year numbers, but they are increasing on a monthly basis and are showing greater strength as the summer months continue.

Sources covered in this episode:

Harvard Joint Center for Housing Studies: The State of the Nation’s Housing 2023 - https://www.jchs.harvard.edu/state-nations-housing-2023

Fannie Mae: “Mixed Data Muddles Macroeconomic Forecast” - https://www.fanniemae.com/research-and-insights/forecast/mixed-data-muddles-macroeconomic-forecast

CBRE: “Multifamily vacancy poised to rise in all major markets” - https://www.cbre.com/insights/briefs/cotw-multifamily-vacancy-poised-to-rise-in-all-major-markets

GlobeSt: "Expenses Rising Faster Than Revenues for Many Apartment Owners" - https://www.globest.com/2023/06/16/expenses-rising-faster-than-revenues-for-many-apartment-owners/

RealPage: “Apartment Residents Shopping at a Seasonally Normal Rate” - https://www.realpage.com/analytics/apartment-renters-shopping-normally/

Freddie Mac: “Housing Sentiment in the Second Quarter of 2023” - https://www.freddiemac.com/research/consumer-research/20230621-housing-sentiment-2Q23

NAR: “Realtors Confidence Index, May 2023” - https://www.nar.realtor/research-and-statistics/research-reports/realtors-confidence-index

CoreLogic: “US CoreLogic S&P Case-Shiller Index Posts a Small Annual Decline, Down by 0.2% in April” - https://www.corelogic.com/intelligence/us-corelogic-sp-case-shiller-index-posts-a-small-annual-decline-down-by-0-2-in-april/

Harvard University: "The Power of Proximity: Office Interactions Affect Online Feedback and Quits, Especially for Women and Young Workers" - https://scholar.harvard.edu/pallais/publications/power-proximity-office-interactions-affect-online-feedback-and-quits-especially

Nature: "The effects of remote work on collaboration among information workers" - https://www.nature.com/articles/s41562-021-01196-4

For the latest multifamily news from across the internet, visit the Gray Report website: ⁠https://www.grayreport.com/⁠

DISCLAIMERS: This podcast does not constitute professional financial advice and is for educational/entertainment purposes only. This podcast is not an offer to invest.

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By Spencer Gray

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