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Housing Market Research Brief | July 2021

July 28, 2021 by Marcus & Millichap Research Services

Rise in New-Home Listings Does Little to Relieve the Supply-Demand Imbalance

  • Listings of newly built homes prop up for-sale inventory. The number of single-family houses available for purchase grew by 3.8 percent from May to June, a change of tides after listings steadily declined during the pandemic.
  • Luxury rentals offer a more affordable alternative to ownership. The increase in houses for-sale is not affecting rental demand, with the multifamily sector just registering its largest quarterly absorption total since at least 1993.
  • Apartments attracting more investors. Investor confidence in multifamily is strengthening after the record-setting second quarter performance and an outlook that is bolstered by a lack of moderately priced homes available for purchase.

Developing Trends

  • Development pace will retreat. Single-family starts were up 28.5 percent year over year in June, but construction permits fell to the lowest level in 10 months.
  • Aging millennials to exacerbate supply shortage. Household formation in the U.S. in 2021 is expected to be at its fastest annual pace in more than a decade and remain historically high in the coming years.

*Through June
Sources: Marcus & Millichap Research Services; Capital Economics; Freddie Mac; Moody’s Analytics; Mortgage Bankers Association; National Association of Home Builders; National Association of Realtors; RealPage, Inc.; U.S. Census Bureau; Wells Fargo

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This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2020 Marcus & Millichap and Limon Net Lease Group

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