Three US apartment market indicators improved in October 2009 according to the results of the latest quarterly survey published by the National Multi Housing Council (NMHC), but supply-demand balance did not show signs of improvement.
In particular, three of the four indices calculated by the NMHC survey, the Sales Volume Index, the Equity Financing Index and the Debt Financing Index, have registered index values above 50, and specifically 59, 58 and 59, which signal improving apartment market conditions.
These results indicate, on balance, that in October 2009, apartment sales volume around the country was increasing, equity finance was becoming more available, and borrowing conditions were improving.
In September 2009, the three indices had registered values below 50, and particularly 44, 39 and 39, signaling decreasing sales volume, and worsening availability of equity financing and borrowing conditions.
However, apartment investors should be alerted by the fourth index calculated by the survey, the Market Tightness Index, which in October 2009 registered a value below 50, and particularly 31, indicating that apartment market conditions in the country in terms of supply-demand balance were getting looser. Is should be noted that in September 2009 this index had a value of 20.
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