The NAHB was out with their weekly Eye on Housing report and this week’s edition took a look at the Q3 SOMA data from the Census Bureau. SOMA stands for Survey of Market Absorption of Apartments and overall things are looking pretty positive for developers. One interesting chart they had showed the types of properties that were being built since 2005:
Condos and co-op deliveries are pretty low as of this report but I’ve heard in the wind of condo developments coming back, especially urban core mid and high-rise. If that trend catches on I wonder if we’ll see a wave of condo un-reversions (?) To see the Census Bureau SOMA 3rd quarter data, methodology and discussion go to their page here
2 thoughts on “SOMA (Survey of Market Absorption of Apartments) charted by apartment type from the Census Bureau”
I’ve noticed several new condo projects that have popped up here in the Houston-metro area. I suspect that there’s some good money to be made for owners and investors.
Dan, what type of condo projects, highrise, or? How much competition will they be for nearby single family homes?