The multifamily sector has been treading water heavily for months and confidence in it has continued to decline.
The National Association of Home Builders in its most recent member survey said that confidence in the market for new multifamily declined year over year in the first quarter of 2024.
The Multifamily Production Index (MPI) had a reading of 47, down three points year-over-year. The MPI measures builder and developer sentiment about current production conditions in the apartment and condo market on a scale of 0 to 100.
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