Tuvia Multifamily Memo - December 2022

Ongoing Job Growth Reflects Economy’s Resilience, but Portends Fed Response

Development Slowdown a Step Backward in Resolving Housing Shortages

Structural Inflation Drivers Prompt Rate Hike; Real Estate Capital Markets Responding

Rising Core Inflation Keeps Fed Alert; Food, Fuel Costs Hold CRE Implications

Housing Dynamics Signal Long-Term Tailwinds as Sector Exits Record Demand Stretch

Home Listings Notch 20-Month High, yet Remain Just Half of the Long-Term Average

Job Growth Downshifts to Goldilocks Zone, Providing Runway for Fed to Pull Off Soft Landing

Rental Demand Cools Off After a Record-Breaking Stretch, but Housing Market Dynamics Indicate Longer

Mortgage Rate Surge Thwarts Affordability; Apartments Offer Relief from Housing Shortage

Multiple Real Estate Sectors Poised to Benefit from July’s Inflation Slowdown

Job Creation Jumps in July, Bolstering Economy Against Other Headwinds

Living Cost Sensitivity and Slower Household Creation Modify Demand Flows

Recession Call Elusive as GDP Declines Against Strong Labor, Property Markets

Inflation Accelerated in June, but Forward Indicators Suggest Relief Ahead

Yield Curve Inversion Reignites Recession Fears, but Many Indicators Refute Risk

Hiring Continues in High Gear with Implications for Real Estate, Fed Policy

Early Signs of Housing Price Recalibration as Higher Interest Rates Stunt Affordability

Fed Increasingly Aggressive in Effort to Curb Inflation; Rising Interest Rates Form Headwind for CRE

Employment Gains Echo Economic Stamina As Higher Interest Rates Add Hurdles