NAR Economists Yun And Raitu Tackle Jobs And Commercial Market
NAR’s foremost sorters of tea leaves both produced interesting commercial market data recently. NAR Chief Economist Lawrence Yun took a look at state jobs creation data and Georges Raitu ran down the most recent NAR Commercial Survey data.
Lawrence Yun: Which States Are Creating Jobs?
Interpreting Bureau of Labor Statistics monthly numbers, Lawrence Yun grants the job-creation accolades to Ohio, Texas and Michigan, with downturns spotted in Florida, South Carolina and Pennsylvania. Get the full range of charts after the jump.
NAR Research Economist George Raitu: Cash Deals On The Rise, Indicators Getting Stronger
In a video, along with Research Marketing and Communications Director TJ Doyle, NAR Research Economist George Raitu went wide where Lawrence Yun went local. Raitu characterized the commercial market recovery as “gaining momentum”. For the top markets in the country investment activity has been quite strong, a 35% year-over-year increase with a good chunk in portfolio transactions Prices are increasing.
On the leasing side, demand remains strong, and in the postitive for the year for all core property types, with apartments strongest. Nonetheless, there’s a slight slowdown in apartments witha a slowdown in vacancy declines and flat rents. Leasing activity is improving.
Reviewing the most recent Commercial Market Survey, data sourced from NAR members shows improved activity in both sales and leasing. 64% of NAR members had a transaction in last quarter. Financing “remains a concern” per the yearly lending survey. Lending and underwriting standards remain tight and capital available is restricted – a key stat addressing this: 33% of all transactions in realtor markets were concluded with cash – a rise from 27% last year.