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BIRMINGHAM, AL—There's a shift taking place in the private-home market, that perennial bellwether of commercial real estate's success. According to Jay McCanless, an equity analyst at locally based Sterne Agee, which is now pumping out industry analysis of that market sector, consumers are coming back and they will be fueling a housing price jump throughout the year.
The firm is tracking a year-over-year increase in mortgage and insurance applications and housing permits—all, says McCanless, signs of a market that is back from anemia. “These indicators are the backbone of our thesis that retail/consumer buyers are returning,” he says in the firm's multifamily report.
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
