Freddie Mac Multifamily Apartment Investment Market Index Inches Up Nationwide in Second Quarter of 2024
Freddie Mac's Multifamily Apartment Investment Market Index® (AIMI®) rose 0.3% quarter-over-quarter and 2.2% year-over-year nationwide in Q2 2024. The quarter saw mixed results across metro areas, with 14 markets up, 9 down, and 2 unchanged. Key findings include:
- Net operating income (NOI) grew in 19 metros and nationally quarter-over-quarter, but fell in 14 of 25 markets year-over-year.
- Property prices dropped in most markets quarterly and all markets annually, declining 8.3% nationally.
- Mortgage rates increased by 21 basis points in Q2 and 64 basis points year-over-year.
The slight AIMI growth indicates the market is working towards stabilization after significant volatility. Higher mortgage rates were offset by lower property prices and modest rental income growth.
Il Multifamily Apartment Investment Market Index® (AIMI®) di Freddie Mac è aumentato dello 0,3% rispetto al trimestre precedente e del 2,2% su base annua a livello nazionale nel secondo trimestre del 2024. Il trimestre ha mostrato risultati misti tra le aree metropolitane, con 14 mercati in crescita, 9 in calo e 2 invariati. I risultati chiave includono:
- Il reddito operativo netto (NOI) è cresciuto in 19 aree metropolitane e a livello nazionale rispetto al trimestre precedente, ma è calato in 14 dei 25 mercati su base annua.
- I prezzi delle proprietà sono diminuiti nella maggior parte dei mercati su base trimestrale e in tutti i mercati su base annuale, con un calo del 8,3% a livello nazionale.
- I tassi ipotecari sono aumentati di 21 punti base nel secondo trimestre e di 64 punti base su base annua.
Il leggero incremento dell'AIMI indica che il mercato sta lavorando verso la stabilizzazione dopo una significativa volatilità. Aumenti dei tassi ipotecari sono stati bilanciati da prezzi delle proprietà più bassi e una modesta crescita del reddito da locazione.
El Índice de Mercado de Inversión en Apartamentos Multifamiliares (AIMI®) de Freddie Mac aumentó un 0.3% en comparación con el trimestre anterior y un 2.2% en comparación anual a nivel nacional en el segundo trimestre de 2024. El trimestre mostró resultados mixtos entre áreas metropolitanas, con 14 mercados en aumento, 9 en descenso y 2 sin cambios. Los hallazgos clave incluyen:
- Los ingresos netos de operación (NOI) crecieron en 19 áreas metropolitanas y a nivel nacional en comparación con el trimestre anterior, pero cayeron en 14 de 25 mercados en comparación anual.
- Los precios de las propiedades cayeron en la mayoría de los mercados trimestralmente y en todos los mercados anualmente, disminuyendo un 8.3% a nivel nacional.
- Las tasas hipotecarias aumentaron en 21 puntos básicos en el segundo trimestre y 64 puntos básicos en comparación anual.
El leve crecimiento del AIMI indica que el mercado está trabajando hacia la estabilización después de una gran volatilidad. Los altos tipos hipotecarios fueron compensados por precios de propiedades más bajos y un modesto crecimiento en los ingresos por alquiler.
프레디 맥의 다세대 아파트 투자 시장 지수(AIMI®)가 2024년 2분기 전 분기 대비 0.3%, 전년 대비 2.2% 상승했습니다. 이 분기는 메트로 지역 간 혼합된 결과를 보였으며, 14개 시장은 상승, 9개 시장은 하락, 2개 시장은 변동이 없었습니다. 주요 발견 사항은 다음과 같습니다:
- 순운영 수익(NOI)은 전 분기 대비 19개 메트로에서 증가했으며, 전년 대비 25개 시장 중 14개 시장에서 감소했습니다.
- 대부분의 시장에서 분기별로 부동산 가격이 하락했으며, 모든 시장에서 연간 하락하여 전국적으로 8.3% 감소했습니다.
- 2분기 동안 모기지 금리가 21베이시스 포인트 상승했고, 전년 대비 64베이시스 포인트 상승했습니다.
AIMI의 소폭 성장의 징후는 시장이 큰 변동성 이후 안정화로 나아가고 있음을 나타냅니다. 높은 모기지 금리는 낮은 부동산 가격과 완만한 임대 수입 증가로 상쇄되었습니다.
L'Indice de Marché des Investissements en Appartements Multifamiliaux (AIMI®) de Freddie Mac a augmenté de 0,3 % d'un trimestre à l'autre et de 2,2 % d'une année sur l'autre à l'échelle nationale au deuxième trimestre de 2024. Le trimestre a présenté des résultats mitigés dans les zones métropolitaines, avec 14 marchés en hausse, 9 en baisse et 2 inchangés. Les principales conclusions incluent :
- Le revenu net d'exploitation (NOI) a augmenté dans 19 métropoles et au niveau national par rapport au trimestre précédent, mais a chuté dans 14 des 25 marchés d'une année sur l'autre.
- Les prix des propriétés ont chuté dans la plupart des marchés trimestriellement et dans tous les marchés annuellement, avec une baisse de 8,3 % au niveau national.
- Les taux hypothécaires ont augmenté de 21 points de base au 2e trimestre et de 64 points de base d'une année sur l'autre.
La légère croissance de l'AIMI indique que le marché travaille vers une stabilisation après une volatilité significative. L'augmentation des taux hypothécaires a été compensée par des prix de propriétés plus bas et une croissance modeste des revenus locatifs.
Der Multifamily Apartment Investment Market Index® (AIMI®) von Freddie Mac stieg im 2. Quartal 2024 um 0,3% im Vergleich zum vorherigen Quartal und um 2,2% im Vergleich zum Vorjahr landesweit. Das Quartal zeigte gemischte Ergebnisse in den Metropolregionen, mit 14 Märkten im Plus, 9 im Minus und 2 unverändert. Wichtige Erkenntnisse sind:
- Das Net Operating Income (NOI) wuchs in 19 Metros und landesweit im Vergleich zum vorherigen Quartal, fiel jedoch in 14 von 25 Märkten im Vergleich zum Vorjahr.
- Die Immobilienpreise sanken in den meisten Märkten im Quartalsvergleich und in allen Märkten im Jahresvergleich um 8,3% landesweit.
- Die Hypothekenzinsen stiegen im 2. Quartal um 21 Basispunkte und um 64 Basispunkte im Vergleich zum Vorjahr.
Das leichte Wachstum des AIMI deutet darauf hin, dass sich der Markt nach erheblicher Volatilität stabilisiert. Höhere Hypothekenzinsen wurden durch niedrigere Immobilienpreise und ein moderates Wachstum der Mieteinnahmen ausgeglichen.
- AIMI rose 0.3% quarter-over-quarter and 2.2% year-over-year nationwide
- Net operating income (NOI) grew in 19 metros and nationally quarter-over-quarter
- Modest rental income growth helped offset higher mortgage rates
- Property prices declined in all markets year-over-year, down 8.3% at the national level
- Mortgage rates increased 21 basis points in Q2 2024 and 64 basis points year-over-year
- NOI fell in 14 of 25 markets year-over-year
Metro Areas See Mixed Results
MCLEAN, Va., Sept. 18, 2024 (GLOBE NEWSWIRE) -- The Freddie Mac (OTCQB: FMCC) Multifamily Apartment Investment Market Index® (AIMI®) rose nationwide by
“AIMI continues to show slight growth quarter over quarter, as well as year over year, as the market continues to work towards stabilization after significant volatility,” said Sara Hoffmann, senior director of Multifamily Research at Freddie Mac. “While higher mortgage rates compared with last quarter increased the cost of financing, this was offset by lower property prices and modest rental income growth.”
Key data points measured by AIMI include:
- Net operating income (NOI) saw mostly positive performance quarter over quarter, with the nation and 19 metros experiencing growth while two metros declined and four were essentially flat. Over the year, NOI was up nationally but fell in 14 of 25 markets. The District of Columbia was the best annual performer (
4.4% ) while Jacksonville ranked lowest (-5.5% ). - Property prices dropped in the nation and the majority of markets over the quarter. Prices grew in only four markets and gains were limited, with Boston posting the highest increase at
0.6% . Over the year, property prices declined in all markets, down -8.3% at the national level, with 11 markets contracting by more than -10% . - Mortgage rates increased 21 basis points in the second quarter of 2024 — a sharp reversal from the previous quarter when rates dropped by 56 basis points. Over the year, mortgage rates increased by 64 basis points. While this marks a large annual increase, it is notably smaller than increases observed in 2022 and 2023.
In addition to national and local values, a sensitivity table is available that captures how the index value adjusts based on changes in certain underlying variables. Additional information about AIMI is on the Freddie Mac Multifamily website, including FAQs and a video.
AIMI is an analytical tool that combines multifamily rental income growth, property price growth and mortgage rates to provide a single Index that measures multifamily market investment conditions. A rise in AIMI from one quarter to the next implies an increasingly favorable environment for multifamily investment opportunities, while a decline suggests that attractive investment opportunities are becoming more difficult to find compared with the prior period.
Freddie Mac Multifamily is the nation's multifamily housing finance leader. Historically, more than
Freddie Mac’s mission is to make home possible for families across the nation. We promote liquidity, stability, affordability and equity in the housing market throughout all economic cycles. Since 1970, we have helped tens of millions of families buy, rent or keep their home. Learn More: Website | Consumers | Twitter | LinkedIn | Facebook | Instagram | YouTube
MEDIA CONTACT:
Melissa Silverman
(703) 388-7037
Melissa_Silverman@FreddieMac.com
FAQ
What was the change in Freddie Mac's AIMI for Q2 2024?
How did property prices change in Q2 2024 for Freddie Mac FMCC?
What was the change in mortgage rates for Freddie Mac FMCC in Q2 2024?
How did net operating income (NOI) perform for Freddie Mac FMCC in Q2 2024?
