The housing market generally appears to be recovering, but CNBC said it’s not necessarily happening at the expense of the multi-family sector, which boomed as home sales and home prices plummeted.
The latest data shows home sales are rising yet prices for those homes remain flat. Simultaneously, rents continue to rise and push affordability back in favor of buying, CNBC said. Additionally, with multi-family construction up 30 percent annually in July and permits for such buildings 47 percent greater, an oversupply could be on the horizon. [more]