Excerpt from the 4Q17 Witten Advisory: This chart illustrates the key comparison of demand versus supply. Net absorption continues to run at a pace of about 200,000 units per year – the same demand volume we’ve seen since 2015. The red wave of net completions has ramped up in the last few years and, so…
DetailsExcerpt from the 3Q17 Witten Advisory: We know developers are a smart and ingenious group and, even while banks pulled back on proceeds and terms, they’ve been able to keep production elevated, which can be seen in the above chart. However, the last six months appear to be showing the effects of multiple headwinds –…
DetailsExcerpt from the 3Q17 Witten Advisory: Single-family rentals transitioning back to the for-sale market has probably been a contributor to the rising homeownership rate, as shown in the above chart. After four consecutive increases, the homeownership rate is approaching 64% for the first time since 2014. As the inset graphic depicts, homeownership is higher now than…
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