For sale homes highest since 2019

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Housing affordability improves nationally for second straight month link

• Affordability improved 9.2% annually in September due to a 3.1% income increase and a 1% drop in 30-year mortgage rates. This improvement follows a nine-month slowdown in house price appreciation.

• Even homes bought at the peak of the 2006 bubble have generated $169,000 in equity on average, compared to a $229,000 wealth loss for renters. This highlights the long-term wealth-building power of homeownership.

• Real house prices dropped 3.1% from August to September 2024, with consumer buying power increasing by 3.7% month-over-month and 14.5% year-over-year. These gains are due to rising incomes and more favorable mortgage rates.

The number of homes for sale is now the highest since 2019—including in pandemic ‘boomtowns’ link

• The number of homes for sale in October rose by 29.2% year-over-year, marking a full year of consecutive inventory growth. Pandemic boomtowns, like Austin and Memphis, saw substantial inventory increases as sellers returned to the market.

• Southern cities lead the surge in listings, with a 34.0% increase, while the West saw a 33.6% boost. Austin, TX experienced the largest growth at 40.1%, with Orlando, FL and Memphis, TN also seeing major jumps.

• New listings also rose, with the West adding 7.0% more fresh listings than last year. Baltimore, MD, Washington, D.C., and Seattle led this trend with increases of up to 24.9%.

Core and value-add multifamily metrics improve in Q3 link

• Multifamily market metrics for core and value-add assets improved in Q3, especially with the Fed’s first rate cut in two years boosting overall market recovery. This trend suggests the market may be exiting its stabilization phase and moving toward stronger value growth.

• The going-in cap rate for core assets dropped by 5 bps to 4.90%, while the exit cap rate decreased by 7 bps to 5.05%, indicating tighter market conditions. Notably, IRR targets for core assets remained stable across 10 of the 19 tracked markets.

• For value-add assets, both the going-in and exit cap rates saw a 13 bps reduction, reaching 5.19% and 5.43%, respectively. The higher cap rate spread of 24 bps for value-add assets versus 15 bps for core assets points to greater yield expectations in this segment.

Western U.S market booming in healthcare link

• Healthcare systems on the West Coast are pushing aggressive expansion plans, with many acquiring land to grow their footprint. Intense competition is seen as systems enter each other’s territories, fueling rapid development.

• Regulatory demands, especially in California, are driving high investments due to the 2030 Seismic Act, requiring billions in renovations or replacements to ensure earthquake safety. This law is a significant factor behind rising construction and redevelopment efforts.

• Ryan Companies recently completed One Scottsdale, a large outpatient facility, and began a 65,000-square-foot medical project in Goodyear, Arizona. The company is focused on value-add conversions, like transforming office spaces into medical facilities.

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Link to the listing

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Vidit

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