June 11th, 2024 - This Week in Real Estate

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What’s new in the world of Real Estate
  • Apartment occupancy is strong

  • What to expect the rest of 2024

  • Housing supply is trending up

  • The risks of syndication

Plus: The tallest building in the hemisphere, CRE values finally rise, Texas’ downturn, and more.

Listing of the week: The most expensive house in San Francisco.


Freddie Mac 30 Year Fixed
6.99 (-.04% weekly)
Dow Jones Real Estate Index
331.42 (-0.03% weekly)
324.61 (+0.5% weekly)
Green Street CPPI - June
122.7 (+0.7% monthly)

as of market close on June 10


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Market Updates


Occupancy rates for U.S. apartments stayed steady in May despite growing supply. The 94.2% mark was unchanged month-over-month and exceeded 94% for the seventh straight month. New apartment supply continues to grow, and as occupancy rates stay steady, demand is growing in lockstep. While rents grew nationwide by 0.2% year-over-year in May, they actually fell 1.4% in the South, as the region saw the lowest occupancy rates in the country. All five major metro areas in Texas have struggled with high vacancy due in part to the explosion in supply in the past few years. Austin’s average rent has fallen by 7.1% year-over-year, the biggest decline of the 50 biggest metro areas.

With 2024 nearly half over, experts are making their predictions for the rest of the year. The consensus is that there is not likely to be much movement in the market, with the Fed unlikely to cut rates until the end of the year, if at all. Mortgage rates remain the biggest factor in both the rate of sales and property values. Experts foresee a continued rise in supply, which is starting to show, but not at a rate fast enough to make homes more affordable to the average buyer. Nearly 90% of metro markets have seen price growth this year, and they seem unlikely to drop much, if at all, for the balance of the year.


The number of active listings on the market is up more than 35% year-over-year. This represents the seventh straight month of growth, and though the total supply still trails pre-pandemic levels, it represents good news for potential buyers. Growth was highest in the South (+47.2%) and West (+34.5%), as prices in many of those regions have started to come down. New listings are also up by 6.2% while the median listing price remained mostly flat, rising by 0.3%. If supply continues to rise, prices may start to fall, particularly if mortgage rates remain high.

Real estate syndications can be riskier than people think. Syndications, where groups of investors pool money together to buy properties, have grown in popularity recently among retail investors who want exposure to bigger projects. However, the rise in interest rates and the drop in multifamily residential values in certain markets has seen some syndications lose essentially all their equity. The lesson is to always do your due diligence and research the property, the market and the syndicator or platform when investing into any deal.

Listing of the Week

A property that caught our eye


With an asking price of $38 million, this 4-bedroom, 10-bathroom, 10,180 square-foot mansion is the priciest house on the market in San Francisco. It is located in Pacific Heights, the ritziest neighborhood in the city, and boasts panoramic views of the Golden Gate Bridge, Alcatraz and the Marin Headlands.


  • OKC rising high: The Oklahoma City Council approved plans for a 1,907 foot tall building with more than 1,000 luxury apartments, which would be the tallest building in the Western Hemisphere when completed.

  • Commercial values up: According to the Green Street CPPI, commercial property prices have increased by 1% in 2024, but still remain 21% below their March 2022 peak.

  • Texas struggles: Of the four major metro areas that have seen declining year-over-year home-sale prices, three are in Texas - Austin, San Antonio and Fort Worth.

  • Developers hitting pause: Rising costs and high interest rates have caused more delays in apartment construction nationwide, which could have a downstream effect of lowering supply.

  • A 67% NYC discount: An office building in Manhattan last purchased for $153 million in 2018 is now being sold for less than $50 million, with a reported $100 million left on its loan balance.

  • Second home spots: The list of the top-10 locations for second-home buyers is dominated by beach communities, led by Cape May, NJ, Ocean City, MD and the Outer Banks in North Carolina.

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