Underwriting assumptions for core and value-add multifamily assets improved slightly in Q2. Buyer and seller sentiment for core assets weakened slightly, while value-add buyer and seller sentiment improved. Even as the Federal Reserve held interest rates steady, cap rates continued to show incremental compression.

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• Existing home sales rose 0.8% in May to a seasonally adjusted annual rate (SAAR) of 4.03 million. Sales were 0.7% lower than in May 2024, according to the National Association of Realtors (NAR).
• Total housing inventory at the end of May increased to 1.54 million units. That’s up 6.2% from April and 20.3% higher than a year ago.
• The median existing-home sales price in May was $422,800, up 1.3% from a year ago.

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• Building permits issued in June rose to 1,397,000 (SAAR). That’s slightly 0.2% above the revised May rate but  4.4% lower than a year ago.
• Housing starts increased to 1,321,000 (SAAR) in June, up 4.6% from the revised May estimate but 0.5% lower than a year ago, according to the U.S. Census Bureau.
• Single-family housing starts decreased to 883,000 (SAAR) in June, falling 4.6% from the May estimate and 10% lower than in June 2024.

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