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NAHB — Eye on HousingNews
Mortgage Applications Retreat in May, with ARMs Gaining Share
Mortgage application activity declined 5.5% month-over-month in May 2026 due to higher rates, with the 30-year fixed-rate mortgage averaging 6.54%, though adjustable-rate mortgages gained share to 9.0% of total applications as borrowers sought lower initial rates. Year-over-year, total mortgage applications remained 14.2% higher, with refinance applications up 26.4% and purchase applications rising 6.2%, while ARM applications increased 38.2% compared to May 2025.
NAHB — Eye on HousingNews
U.S. Labor Market Remains Resilient in May
The U.S. labor market showed continued resilience in May 2026, with nonfarm payrolls increasing by 172,000 jobs for the third consecutive month and the unemployment rate holding steady at 4.3%, while wage growth moderated to 3.4% year-over-year. Job gains concentrated in leisure and hospitality, local government, and health care, though residential construction employment declined by 33,300 jobs over the past 12 months, marking the fifteenth consecutive annual decline.
NAHB — Eye on Housing
Highest Paid Occupations in Construction in 2025
The median wage of construction payroll workers in 2025 was $61,370, exceeding the U.S. median of $50,980, with Chief Executive Officers earning the highest median wages in the industry at over $198,000. Among construction trades specifically, elevator installers and repairers topped the list with a median wage of $113,710, while carpenters, plumbers, and electricians all earned substantially above the national median, with wage variation generally correlating to required education, training, and expertise levels.
NAHB — Eye on HousingNews
Mortgage Rates Increase Further as Inflation Remains Elevated
The 30-year fixed-rate mortgage averaged 6.41% in May 2026, up 7 basis points from April and 36 basis points since the Middle East conflict began, while the 15-year rate averaged 5.76%, also up 7 basis points monthly as elevated inflation and rising energy prices pushed the 10-year Treasury yield to 4.47%. Persistently high inflation strained household budgets, causing the personal saving rate to fall to 2.6% in April, the lowest level since June 2022.
NAHB — Eye on Housing
House Price Appreciation by State and Metro Area in the First Quarter of 2026
National house prices rose 1.7% year-over-year in the first quarter of 2026, the slowest annual appreciation since the second quarter of 2012, driven by higher mortgage rates and affordability challenges. Regional variation was pronounced: Puerto Rico led with 16.3% appreciation while Colorado recorded the largest decline at 2.4%, and among the 100 largest metro areas, annual appreciation ranged from −6.9% to +10.8%, with Midwest and Northeast metros outperforming while markets in Florida and Texas weakened.
NAHB — Eye on Housing
State-Level Employment Situation: April 2026
In April 2026, nonfarm payroll employment increased in 41 states and the District of Columbia with a national gain of 115,000 jobs, while construction employment added 9,000 jobs nationwide with 32 states recording gains. State unemployment rates ranged from 2.2 percent in South Dakota to 6.2 percent in the District of Columbia, which experienced significant federal workforce reductions exceeding 300,000 positions in 2025.
NAHB — Eye on HousingNews
Slight Increase for Construction Job Openings
Construction job openings in the United States increased slightly from 234,000 in March to 259,000 in April 2026, according to the Bureau of Labor Statistics Job Openings and Labor Turnover Survey, with the construction job openings rate rising to 3% in April from 2.4% a year prior. The article notes that while overall economy job openings surged to 7.62 million in April, construction openings remain measurably lower than three years ago due to declines in housing construction activity, though recent nonresidential construction gains have provided some offset.
NAHB — Eye on Housing
HBGI Q1 2026: Single-Family Construction Slips Across All Geographies
Single-family construction declined across all geographies in Q1 2026, with large metro core counties experiencing the sharpest pullback of 16.0% year-over-year, driven by elevated interest rates, rising material costs, and labor shortages, while multifamily construction expanded in most markets with large metro core counties leading at 20.8% growth. The data reflects a decade-long structural shift away from dense population centers toward smaller and outlying markets in single-family construction, while multifamily construction has recently begun regaining share in large metro core counties after a period of migration to smaller markets.
NAHB — Eye on HousingNews
Private Residential Construction Spending Increases in April
Private residential construction spending increased 0.8% in April 2026, driven primarily by gains in single-family and home improvement spending, with total private residential construction spending 1.7% higher than April 2025. Single-family construction spending rose 1.4% monthly but declined 2.9% year-over-year, while remodeling spending increased 0.4% monthly and was up 7.5% year-over-year, whereas multifamily construction spending edged down 0.3% in April but remained 1.1% higher than a year earlier.
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TreppNews
Warsh's First FOMC Meeting Signals a New Fed Playbook
At its June 2026 meeting, the Federal Reserve held the federal funds rate steady at 3.50% to 3.75% under new Chair Kevin Warsh, who signaled a shift away from forward guidance toward allowing markets to price information independently, while the Summary of Economic Projections revised near-term inflation upward to 3.6% and the funds rate path to 3.8% without changing longer-run benchmarks. For commercial real estate, the meeting implies a slower return to rate relief in the near term despite unchanged long-run policy destinations, while Warsh announced five task forces to review Fed communications, balance sheet management, data collection, productivity, and inflation frameworks by year-end.
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Trepp
Basel III Re-Proposed: What the New Rules Mean for CRE Lending and Credit Risk Transfer – Part 3
On March 19, 2026, the Federal Reserve, FDIC, and OCC jointly proposed Basel III capital rules that expand access to credit risk transfer (CRT) structures for U.S. banks, eliminating the prior requirement for case-by-case Federal Reserve approval and allowing standardized regulatory treatment instead. The document examines how synthetic risk transfer and credit-linked notes work for commercial real estate portfolios, illustrating with a stylized example how a regional bank holding a $500 million multifamily portfolio could reduce risk-weighted assets from $500 million to $78.1 million (16% of original) through a CRT, and identifies strongest CRT candidates as stabilized income-producing properties and smaller-balance owner-occupied commercial properties with strong fundamentals that diverge from their regulatory risk weights.
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Trepp
Chief Economist's Weekly Watch – June 15 2026: FOMC Meetings, Treasury Yield Curve, and CRE Credit Spreads
The document discusses three key developments affecting commercial real estate finance for the week of June 15, 2026: the FOMC meeting on June 16–17 under new chair Kevin Warsh, movements in the Treasury yield curve reflecting short- and long-term rate expectations, and tightening of balance sheet lending spreads amid competitive loan markets. The analysis focuses on how Fed communication and rate signals will influence borrower and lender assumptions, the relative pressure on floating-rate versus fixed-rate refinancing structures, and whether recent spread tightening in loan markets will persist or diverge from wider spreads in lower-rated CMBS bonds.
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Trepp
Detroit Office CMBS: Limited Securitization, Divergent Credit Outcomes
Detroit's office CMBS market totals approximately $2.0 billion across fewer than 200 properties, with office loans representing $741.83 million of upcoming maturities. Despite Detroit office assets showing weaker utilization metrics than national CMBS averages—including weighted-average occupancy in the high-70% range and over a quarter of securitized balances reporting vacancy above 25%—the market exhibits materially lower credit stress than national benchmarks, with fewer loans above 100% LTV, lower delinquency rates, and below-average watchlist exposure, a disconnect attributed to Detroit's small, less-impaired securitized base rather than superior operating fundamentals.
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Trepp
The Agencies Replace SR 11-7: What the 2026 Model Risk Management Guidance Means for Model Use in Banking
The document examines how the Federal Reserve, OCC, and FDIC's new model risk management guidance SR 26-02 (issued April 17, 2026) replaces the 15-year-old SR 11-7 framework, with key changes including a narrower model definition that excludes spreadsheet arithmetic and deterministic rule-based systems, explicit carve-outs for generative and agentic AI, and applicability primarily to institutions above $30 billion in assets. The guidance creates a governance gap for AI-driven commercial real estate workflows by placing statistical models within the MRM perimeter while excluding generative layers, extraction pipelines, and orchestration logic, meaning banks have regulatory latitude in deploying agentic AI for CRE underwriting but remain responsible for downstream risks that feed into pricing and credit estimates.
Trepp
The Mid-Year 2026: Green Lights Across CRE Finance
The document is a letter from the editor of Trepp and Commercial Real Estate Direct's 2026 mid-year magazine covering commercial real estate finance and CMBS markets, reporting that CMBS issuance reached nearly $52 billion through mid-May 2026 (up 16% year-over-year), CRE CLO issuance totaled $21.61 billion (up 60% year-over-year), and lenders have increased lending against multifamily properties and office buildings despite acknowledged risks including inflation and geopolitical concerns. The editor notes that while CMBS delinquencies have increased month-to-month, overall special servicing volumes remain stable and market conditions are stabilizing, though investors and lenders continue to move cautiously.
John Burns Research and Consulting
Dear Consultant: What Incentives Can We Offer to Drive Sales?
John Burns Research and Consulting reviews homebuilder incentive strategies designed to boost sales without reducing base prices amid muted new home demand.
Single-Family Rental
Harrison StreetNews
Harrison Street Asset Management Announces Sale of Oak Brook Commons Medical Office Building in Oak Brook, Illinois
Harrison Street announced the sale of Oak Brook Commons, an 81,522 square foot Class A medical office property in Oak Brook, Illinois, as part of its healthcare real estate strategy.
Goldman Sachs
Private Markets Are Expected to Have a Growing Role in Data Center Financing
With hyperscaler spending on AI and data centers projected to top $5 trillion by 2030, Goldman Sachs Research expects private infrastructure and real estate funds to supply a growing share of that capital.
Clarion Partners
Building into the Future: The Case for U.S. Industrial Development
Clarion Partners examines the convergence of long-term structural drivers and emerging cyclical tailwinds supporting U.S. industrial development. The report makes the case for new logistics supply as demand normalizes.
Industrial & Logistics
John Burns Research and Consulting
CRE Capital Markets Are Tightening
John Burns Research and Consulting analyzes tightening commercial real estate capital markets, covering inflation, Sunbelt rental growth and shifting build-to-rent policy across the apartment sector.
Multifamily
Brookfield
Midstream infrastructure: Essential assets in an undersupplied energy system
Brookfield argues that midstream infrastructure, widely viewed as a sector in decline a few years ago, is now benefiting from stronger demand, renewed investment and expanding opportunities to acquire and monetize assets. It positions the sector as essential within an undersupplied energy system.
Apartment List
Apartment List National Rent Report
The monthly national rent benchmark reports a median rent of 1,379 dollars, up 0.5 percent in May 2026 and the fourth straight monthly increase entering the summer leasing season. National rents remain down 1.5 percent year over year and 4.4 percent below the 2022 peak.
Multifamily
Redfin
Nashville, Miami and Austin Are This Spring's Strongest Buyer's Markets
Redfin reported there are 46.9 percent more home sellers than buyers in the U.S. housing market, signaling buyers hold the power. In May 2026, 35 of the 50 most populous U.S. metros were buyer's markets, led by Sun Belt locations.
Economy
Arbor Realty Trust
Single-Family Rental Investment Trends Report Q2 2026
Developed with Chandan Economics, the report tracks single-family rental performance, documenting sector resiliency, build-to-rent supply additions and property-level yields amid a softening for-sale home market.
Single-Family Rental
Clarion Partners
Opportunity Zones 2.0 - A Permanent Fixture
Clarion Partners reviews the permanent extension of the Opportunity Zones program and its implications for real estate capital formation. The brief assesses how the structure shapes long-term investment.
Capital Markets
Brookfield
How constraints are shaping data infrastructure
Brookfield analyzes how connectivity and the constraints around it are increasingly determining which data infrastructure assets can be built, scaled and able to deliver durable returns. The piece frames power and network access as the gating factors for AI-era data-center growth.
Data Centers
Arbor Realty Trust
Small Multifamily Investment Trends Report Q2 2026
The report finds small multifamily prices and lending activity continuing to recover, supported by steady rent growth, rising occupancy and declining expense ratios that have lifted average net operating incomes.
Multifamily
Newmark
1Q26 U.S. Capital Markets Conditions & Trends
Newmark reports capital markets entered 2026 with renewed momentum as transaction activity, debt liquidity and asset returns aligned, with 2025 investment sales up 20% year over year and activity concentrated in deals under $100 million.
Capital Markets
Clarion Partners
Healthcare Real Estate: Positioning for the Outpatient Era
Clarion Partners analyzes the shift of care delivery toward outpatient settings and its implications for medical real estate. The report positions healthcare property as a durable income strategy.
HealthcareU.S. National
Brookfield
The allocation evolution: The emergence of total portfolio approach investing
Brookfield explores how institutions can take a more holistic, total-portfolio approach within traditional asset allocation frameworks. The piece argues this shift better integrates private markets and real assets into portfolio construction.
Avison Young
U.S. Office Market Report, Q1 2026
Avison Young reports U.S. office leasing of 61.7 million square feet in Q1 2026, with availability declining for a seventh straight quarter to 22.2% and gateway markets San Francisco and Manhattan near pre-COVID volumes.
OfficeU.S. National
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