The Fastest Growing Housing Markets in the U.S. You will be surprised with #1.

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June 2024 Multifamily Permits Update link

• Annualized multifamily starts increased by 22% to 360,000 units, while permits rose 19.2% to 460,000 units from May. Despite these rises, completions surged 26.2% to 656,000 units, nearly double the rate of starts, indicating a significant lag between starts and completions.

• The number of multifamily units under construction dropped by 1.7% to 880,000 units, down 11.4% from last year. Authorized but not started units increased by 3.1% from May, remaining flat compared to the previous year.

• New York led multifamily permitting with 29,118 units, up 8% year-over-year. Austin and Phoenix followed, but cities like Dallas and Houston saw notable declines in annual permitting, reflecting broader regional shifts in multifamily housing dynamics.

Consumer Spending Drives Record Low Retail Vacancies link

• In March, multi-tenant retail vacancies hit an all-time low due to high consumer demand. Single-tenant occupancies were also strong, just 10 basis points shy of a record.

• Convenience stores and fast-food establishments showed the lowest vacancy rates at 1.1% and 1.3% respectively. These categories benefited most from increased consumer spending.

• The retail sector was the only major commercial real estate type to experience vacancy compression over the past year. This trend highlights the resilience of retail spaces amidst broader market challenges.

Housing Supply Surge Improves Affordability in Some Markets link

• Nationally, housing supply has increased by over 21% year-over-year, helping improve affordability in many areas. This surge in supply is most significant in Southern and Western markets.

• Affordability improved year-over-year in only five of the top 50 markets tracked, with Tampa, Florida seeing a notable 62% increase in inventory and a 5% rise in affordability. Increased housing availability is shifting the market balance towards buyers.

• Despite improvements, national housing supply is still 34% below pre-pandemic levels from June 2019. However, the rising supply trend is helping to moderate prices in some markets, weakening the seller's market.

Investors Thrive Despite Slump in Home Sales link

• In 2023, investor activity dropped to 13.1% of home purchases, down from 13.8% in 2022. Despite this drop, 2023 still had the second highest share of investor purchases since 2001.

• Investors accounted for 14.8% of home purchases in Q1 2024, marking the highest share in the data's history. This comes despite a 25.3% annual decline in the number of investor transactions in 2023.

• Small investors represented 62.6% of investor purchases, the highest in the data's history. They increased their purchases by 6.4% annually, while medium and large investors decreased by 3.8% and 13.9%, respectively.

The Fastest Growing Housing Markets in the U.S.

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I would buy it just for the two-story solarium alone

Link to the listing

That's all, folks.

Cheers,

Vidit

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