The Multifamily Production Index (MPI), a leading indicator for the multifamily market released by the National Association of Home Builders (NAHB) today, showed steady improvement in the apartment and condominium housing market for a sixth consecutive quarter.
The MPI, which measures builder and developer sentiment about current conditions in the multifamily market on a scale of 0 to 100, increased from 47.3 in the third quarter to 48.9 in the fourth quarter—the highest reading since the fourth quarter of 2005.
The index provides a composite measure of three key elements of the multifamily housing market: construction of low-rent units, market-rate rental units and “for-sale" units, or condominiums. The index and all of its components are scaled so that any number over 50 indicates that more respondents report conditions are improving than report conditions are getting worse. In the fourth quarter of 2011, the MPI component tracking builder and developer perceptions of market-rate rental properties recorded an all-time high of 64.3, while low-rent units increased as well to 55.5. For-sale units remained steady at 30.6.
Read more...NAHB: Fourth Quarter Indices Show Optimistic Outlook for Apartment and Condominium Market
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