LIVE FEED · Updated 4s ago
Market Signals
AI-synthesized market intelligence signals for multifamily operators.
Purchase Applications Rebounding Off Lows
Mortgage purchase applications up 3.2% as the 30-year eased toward 6.7% mid-month. Demand is rate-sensitive but responsive — a constructive sign for spring volume.
Inventory Rebuild Pressuring Pricing Power
Months of supply rose to 3.5 from 2.6 a year ago. Still seller-favorable, but the cushion that drove double-digit appreciation is thinning.
Permit Pullback Eases Future Oversupply Risk
Building permits annualized at 1.42M, down 4% — fewer completions into 2026 support pricing for existing inventory.
Price Growth Settling Into a 2–3% Lane
Median sale price up 2.1% YoY, well off the 2021–22 surge. The pace of deceleration is slowing — likely finding a sustainable baseline.
Affordability Ceiling Capping Demand
Price-to-income at 5.1x versus a ~3.5x long-run norm. Even with steady jobs, stretched affordability limits how far prices can run.
Sun Belt Sales Volume Leads the Recovery
Existing-home sales are firming fastest across Austin, Nashville, and Tampa as in-migration and job growth hold up demand.
Macro · Rates
The Yield Curve
Treasury yields across maturities. The shape — and whether short rates sit above long rates — is one of the most-watched leading signals in the cycle.
Part of the curve is inverted — short rates above long rates. Historically a late-cycle warning that has preceded most recessions.
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