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Apartment demand is soaring and office vacancy rates have spiked, which has prompted conversion of vacant office buildings into housing, particularly multifamily rental housing or owner-occupied condominiums.
At the national level, housing affordability was flat in September compared to the previous month, with the monthly mortgage payment falling by 0.7% while the median family income fell modestly by 0.6%.
While the report tops 164 pages and has hundreds of data points that a real estate professional can use in their daily business, here are some takeaways.
There are some notable changes in the home buying environment, pandemic aside, including interest rates, home prices, and how people go about buying and selling homes.
The job market continues to make progress in October with 531,000 net new jobs. Since coming out of lockdown 18 million jobs have been created, but total jobs are still 4 million below the level seen before the arrival of COVID-19.
NAR released a summary of pending home sales data showing that September’s pending home sales pace declined 2.3% last month and fell 8.0% from a year ago.
Amid an improving economy, the commercial real estate market continues to recover, marked by rising occupancy across all commercial property markets, according to the October Commercial Market Insights Report.