Dive Brief:

• The Multifamily Production Index, compiled by the National Association of Home Builders based on contractor and developer sentiment, had its ninth straight quarter of optimism in the first three months of this year, standing at 53 on the zero-to-100 scale.
• Market-rate apartment fell one point to 59, low-rent units climbed one point to 48, but it was condominium prospects that stood out, rising eight points from negative territory to a positive 54.
• The market-rate piece of the index has been at 50 or above – meaning more positive sentiment than negative expectations – since the last quarter of 2010, but the condo market had been lagging.

Dive Insight:

NAHB also calculates an index for vacancies that also runs from zero, which would mean no vacancies, to 100, and it came in at 37 in the first quarter. That figure gives developers and builders an idea what kind of market their are looking at, and it has been holding fairly steady since 2010, NAHB reported.