Tale of Two Markets: Single-Family versus Multifamily Construction
Single-family construction, while up from the 2009 lows, remains well below historical levels. In contrast, multifamily construction is higher than at any point since 1986. In this talk, Paul Emrath discussed the factors that have kept single-family construction volume so low. He also shared the results of recent survey work quantifying the cost of government regulation on the price of a new single-family home. Greg Willett discussed the strength of the multifamily market. Using a database unique to RealPage, he measured market strength by metro and product-quality niche, examined micro alignments of supply and demand and addressed difficulties in building affordable housing in virtually every area. Jamie Woodwell was the discussant, tying the two papers together and offered some thoughts on the obstacles to financing construction in the single-family and multifamily arenas.
Paul Emrath, vice president for survey and housing policy research, National Association of Home Builders
Greg Willett, chief economist, RealPage Inc.; head, research and analysis team, MPF Research, RealPage Inc.
Jamie Woodwell, vice president, research and economics group, Mortgage Bankers Association