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How Does the Housing Market Impact CRE

October 30, 2023 by Marcus & Millichap Research Services

WHAT SINGLE-FAMILY HOUSING MARKET TRENDS MEAN FOR CRE​?​

Elevated Mortgage Rate Restrains Home Sales​

  • Single-family mortgage rates have climbed to the 8% range, reducing home sales to lowest level in over a decade​
  • Elevated home prices have significantly reduced housing affordability​

Impact is Bigger Than Just Housing Markets​

  • Home sales historically comprised an average of 4.5% of U.S. GDP, a significant amount nationally​
  • Home sales affect multifamily, retail, self-storage and industrial properties in unique ways​

What This Means For Investors​

  • Affordability gap between owning and renting has surged to a new peak​
  • Dramatically higher home prices and mortgage rates are likely to support multifamily demand​
  • A home sales revival will require a substantive reduction of interest rates – much will depend on the Federal Reserve, Quantitative Tightening and Federal Treasury Issuance.​

*Through September​
Sources: Marcus & Millichap Research Services, National Association of Realtors​

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Filed Under: Research Brief

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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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