A key measure of developer sentiment about conditions in the apartment and condominium markets weakened in the closing months of 2013, according to the National Association of Home Builders (NAHB).
The Multifamily Production Index (MPI), released by the NAHB on Friday, declined four points to 50 in fourth-quarter 2013 over the prior quarter, falling to its lowest reading since fourth-quarter 2011.
The index is a scaled composite of three measures of construction in the multifamily housing market, including low-rent units, market-rate rental units and for-sale condominiums. A score of 50 shows that an equal number of respondents report that conditions are getting worse as report conditions are improving.
Read more...Builder Index Shows Confidence Dip In Multifamily Market - CoStar Group
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