Apartment developers are buying up land at a faster pace. CoStar Group tracked nearly $11.9B in land sales, a 20% increase for over the same time last year. It’s no where near the peak market activity in 2006 when land sales totaled $62B year. Large national publicly held single-family homebuilders and apartment developers continue to purchase land parcels spurred by strong multifamily market and a stabilizing single-family market.
Source: Sperry Van Ness|RealSite Commercial Group