So cal multifamily broker

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Increased Cost of Capital Forces a Reset of Multifamily Valuations. Buyers are beginning to ask for discounts and some deals fall through. But experts say the disturbance in the sector is based on “short-term uncertainty.”

Southern California home price growth slows as July sales drop to 27-year low.

NAHB market index fell in June from 55 to 49, the eighth straight month of declines marking the worst stretch since the housing market collapsed in 2007, marking the first time since May 2020 that the index fell below the key break-even measure of 50.

Class C Apartments Showing Cracks. Rents have grown more slowly for Class C properties, while retention rates have dropped more than expected.

Home sales fell nearly 6% in July as housing market slides into a recession. Sales dropped about 20% from the same month a year ago.

“In terms of economic impact we are surely in a housing recession because builders are not building. However, are homeowners in a recession? Absolutely not. Homeowners are still very comfortable financially.” said Lawrence Yun, chief economist for the Realtors.

Ian Shepherdson, the chief economist at Pantheon Macroeconomics, said in a note to clients that the housing market’s recent slump is “still nowhere near the bottom, especially for prices.”

Existing home sales have fallen for six straight months and have hit their lowest level since May 2020.

The cost for food away from home rose 7.6% over the 12 months ended in July, according to the Bureau of Labor Statistics.

A recent estimate conducted by the Brookings Institution projected the cost of raising a child for a middle-income, two-parent married family with two kids to be north of $310,000. The figure is roughly $80,000 more than the estimate U.S. Department of Agriculture (USDA) released in 2017.

Out of the 50 most expensive rents in the U.S., California cities hold 25 of those spots, including 14 in Southern California, according to ApartmentGuide.com.