Confidence in the Market for New Multifamily Housing Weakened in the First Quarter of 2019
ORLANDO, FL, USA, June 28, 2019 /EINPresswire.com/ — Confidence in the market for new multifamily housing weakened in the first quarter of 2019, according to results from the Multifamily Market Survey (MMS) released last month by the National Association of Home Builders (NAHB). The MMS produces two separate indices. The Multifamily Production Index (MPI) dropped seven points to 40 compared to the previous quarter, which is the lowest reading since the third quarter of 2010. Meanwhile, the Multifamily Vacancy Index (MVI) rose three points to 48, with higher numbers indicating more vacancies.
The MPI measures builder and developer sentiment about current conditions in the apartment and condo market on a scale of 0 to 100. The index and all of its components are scaled so that a number below 50 indicates that more respondents report conditions are getting worse than report conditions are improving.
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Source: EIN Presswire