Demand grows for multifamily housing

Fewer apartment vacancies reported in third quarter

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Apartment and condo builders are optimistic that the multifamily housing market will continue to strengthen over the next six months, according to the latest Multifamily Market Index released today by the National Association of Home Builders.  Condos continued to lead the multifamily market in the third quarter of 2004, with the for-sale supply index up almost 4 points from this time last year, to 56.9 from 53.5. Builders participating in the MMI survey said they expect that number to stay above 50 for at least the next six months. The MMI is based on a quarterly, nationwide survey of multifamily builders and property owners who are asked a series of questions about current market conditions, as well as their expectations for the next six months. Survey answers are assigned numerical values to calculate two separate indexes, one tracking demand and the other tracking supply. The scale is from 1 to 100, with a rating of 50 generally indicating that the number of positive respo...