Industry News

Condos find real estate spotlight

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The popularity of condominiums continues to surge, and conditions in the rental apartment market are finally showing signs of improvement, according to the National Association of Home Builders' Multifamily Market Index (MMI), a quarterly gauge of multifamily market activity and builder confidence. The for-sale component of the MMI climbed to 59.5 in the fourth quarter of 2003, up six points from the previous quarter and up eight points from one year ago. Multifamily builders also expressed confidence that the demand for condos would continue-the index gauging expected for-sale starts over the next six months jumped to 62. The MMI is based on a survey of multifamily developers, owners and managers whose answers to a series of questions are assigned numerical values in order to calculate separate indices that track both supply and demand. An index value over 50 indicates that more respondents view market conditions as good rather than poor. "People across the country are realizing...