More builders and developers view conditions for multifamily condominium 55+ market as good rather than poor, according to a survey conducted in the third quarter by the National Association of Home Builders. Some indicators of market health, however, are falling.
The organization asked builders and developers whether current sales, anticipated six-month sales, and prospective buyer traffic are good, fair or poor. Readings higher than 50 (on a scale of 0 to 100) mean that builders view conditions as more good than poor.
Although above 50, the overall multifamily condo 55+ Housing Market Index decreased six points to 53, however, and all three index components declined from the prior quarter, NAHB said. Present sales fell five points to 56, expected sales for the next six months dropped nine points to 56, and prospective buyer traffic declined three points to 47.
NAHB also has four indices that measure supply and demand in the 55+ multifamily rental markets. Three of them fell in the third quarter. Present production decreased seven points to 57, future expected production dropped nine points to 55, and present demand for existing units fell one point to 72. Future demand, however, jumped up one point to 74.
