Refinance applications jump 127%

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Refinance applications jump 127% over the past year amid mortgage rate drop link

• Refinance applications surged 127% from the same time last year, following a significant mortgage rate drop to 6.2%. Total mortgage application volume also rose by 14.2% in just one week.

• Many homeowners with loans from 2022 onward are now considering refinancing as rates continue to fall from last year's peak of 7.79%. However, a large number are holding off, waiting for potential future rate cuts.

• Lenders report that while refinancing requests are increasing, fewer people are finalizing deals. Many homeowners are waiting until monthly savings become more substantial, such as equivalent to a car payment.

Office visits are increasing but … link

• Nationwide employee office visits in July 2024 were 16.5% higher than in July 2023 but still 27.8% lower than in July 2019. Miami and New York showed the most significant recovery, nearing 90% of pre-pandemic office visit levels.

• San Francisco saw office visits in July 2024 47.3% lower than in July 2019, despite a 20.2% increase from July 2023. This recovery was tied with Los Angeles for the second-highest increase after Miami.

• The study found that for every 1% increase in office visits, the impact on occupancy rates was minimal, changing by about 16 basis points. Vacancy rates remain at a record high of 20.1%, showing that increased office foot traffic does not significantly boost occupancy.

August 2024 rental report: rental affordability improved from a year ago link

• The median asking rent in the 50 largest metros was $1,753 in August 2024, down $7 from the peak in August 2022. This marks the 13th consecutive month of rent declines, though rents are still $293 higher than in 2019.

• Miami, FL, remains the least affordable rental market, with the typical rent consuming 40.8% of a household's income. By contrast, Oklahoma City, OK, is the most affordable, with rent taking up only 18.2% of income.

• Rental affordability has improved in 39 of the top 50 metros, particularly in Southern cities like Tampa, FL, and San Diego, CA. This improvement is driven by new rental supply, pushing rents down in these regions.

High-supply multifamily markets begin to recover link

• In Q2 2024, nearly 70% of high-supply multifamily markets experienced negative rent growth, but occupancy rates have started to stabilize as demand catches up. Notably, about one-third of inventory in these markets still showed positive rent growth despite supply challenges.

• Sun Belt and Mountain regions saw the highest rent discounts due to a surge in new construction from recent migration trends. Vacancy rates have now peaked in many areas as renter demand begins to surpass new supply.

• Most high-supply markets are expected to return to positive rent growth by mid-2025, with Austin facing a delayed recovery until Q3 2025 due to ongoing suburban development. Multifamily property values are stabilizing, with expected future growth once interest rates drop.

The Top 10 Markets for Investors

• Dayton, OH tops the list for investors with a median home price of $239,000 and low rental vacancy of 4.7%. Investors made up 13.7% of buyers in early 2024, thanks to its proximity to Cincinnati and Columbus.

• In these top 10 markets, home prices are 21.7% below the national average, keeping mortgage payments under $2,100. Rental vacancy rates averaged just 4.8%, showing strong demand for rental properties.

• The Midwest dominated with five cities, while the Northeast claimed four spots. The South's popularity has waned due to rising prices, with Knoxville, TN, being the only southern city to make the list.

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The CRE problem for cities isn't office, it's everything link

• Cushman & Wakefield's study highlights poor portfolio planning as the main issue for 15 U.S. cities' real estate struggles. This has impacted tax revenue and economic health, not just the office sector.

• Walkable urban places (WalkUPs) make up only 3% of land but contribute disproportionately to city economies, driving 26% of real estate value and 57% of GDP. These areas are crucial despite their small footprint.

• Decreased foot traffic post-pandemic, tied to work-from-home trends, has hurt cities' commercial real estate and tax revenue, including retail and entertainment sectors reliant on office workers.

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