WASHINGTON, DC—The multifamily sector faltered for the first time in more than two years, as the National Multifamily Housing Council‘s Quarterly Survey of Apartment Market Conditions fell below the break-even level of 50, indicating a decline over the past quarter. “After an incredible year for the apartment industry, some weakening has appeared, reflecting seasonal patterns along with additional pullback in some markets,” says Mark Obrinsky, SVP of research and chief economist at NMHC.

All four indexes in the latest quarterly survey came in below the break-even mark. Market Tightness registered an index of 47, Sales Volume and Equity Financing both came in at 46 and Debt Financing registered 37. The latter registered a 17-basis point decline from October of last year, following a 19-bp increase from the previous quarter; the other quarterly declines were in the single digits. The last time all four indexes slipped below 50 was October 2013.

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