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Apartment News: Home Sales Surge, Floods Hardly Affect LSU

The Industry Buzz

By | Friday, August 26, 2016

Here's an Axiometrics rundown of a few of the most compelling student housing and apartment news stories published by a variety of sources.


Home Sales Highest Since October 2007

Lots of people have been buying homes this summer, according to data released by the U.S. Census Bureau and the Department of Housing and Urban Development, and reported by HousingWire.

The seasonally adjusted annual rate of 654,000 homes sold as of July was the highest since October 2007, the report stated. It represented a 31.5% increase from July 2015 and a 12.4% hike from the 582,000 home sold in the 12 months ending June 2016.

The homes sold in the period ending in July cost an average of $355,800, reflecting the continuing lack of supply. Axiometrics economists believe the demand for homes is high, but the supply is down, leading to higher prices that price many potential buyers out of the market.

The seasonally adjusted estimate of new houses for sale at the end of July was 233,000, a supply of 4.3 months at the current sales rate, the “HousingWire” report stated.

Flooding Effect Minimal at LSU

The massive flooding that has hit Louisiana, especially Baton Rouge, has had minimal impact on Louisiana State University operations and student housing, according to a report released by “Student Housing Business."

Students moved into on-campus housing on Aug. 17, as scheduled, even though some roads were closed because of the flood, the “Student Housing Business” report stated. University officials encouraged students to buy supplies in their hometowns before traveling to school to avoid shortages and closings at Baton Rouge retailers.

Both American Campus Communities and Campus Apartments, which operate a combined seven privately owned student housing properties at LSU, reported no damage to their facilities. Campus Apartments also told the magazine that it was helping its area employees, of which many were directly hit by the floods.

More Student Housing Delays

With the fall semester having started or just about to start at most universities, reports of delayed openings of student housing projects continue to trickle in.

  • Construction issues have postponed the opening of Atmosphere, a 624-bed property serving the University of Arkansas until October, according to the Atmosphere web site. The managers are sending lessees to other student-housing projects. August rent payments will be applied to the first month of occupancy.
  • Heavy rain has delayed move-in at the 594-bed Northside at UTD, which serves the University of Texas-Dallas in suburban Richardson, according to a report from the Dallas-Fort Worth Fox affiliate. Students’ belongings were moved into storage.
  • Some 590 on-campus beds at American University in Washington, DC will not open on time, according to the university. The 134-bed Congressional Hall will not be completed until November, the 175-bed Federal Hall will not be ready for occupancy until December, and the 281-bed Constitution Hall will not open until February 2017.
  • The 136-bed Element property just north of the University of Southern California campus will not open until about Sept. 15, according to an article in the “Daily Trojan.” Delayed city approval and construction caused the owners to place students in the DaVinci Apartments in downtown Los Angeles, which requires a shuttle to get to campus and lacks many features students wanted.


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