There has been a 35% decline in existing home sales since September 2021 as a result of higher interest payments combined with substantial price increases and decreases in inventory. Over the last 25 years, home sales have contributed an average of 4.5% to the U.S. GDP, so the effects of the down market are starting to be felt. Of course, multifamily properties benefit from affordability challenges, but a decline in home sales of this magnitude affects...There has been a 35% decline in existing home sales since September 2021 as a result of higher interest payments combined with substantial price increases and decreases in inventory. Over the last 25 years, home sales have contributed an average of 4.5% to the U.S. GDP, so the effects of the down market are starting to be felt. Of course, multifamily properties benefit from affordability challenges, but a decline in home sales of this magnitude affects the entire economy, which includes self-storage, retail, industrial and even office investors. For example, in the retail space, for each dollar spent on a home purchase, the home buyer will spend an estimate five cents on home related goods and services within the next year. As a result, furniture sales and building material sales are down 9% and 7.2% year over year, respectively. In the office space, reduced mobility created by the housing market slowdown is one more factor weighing on office demand, especially in the urban core, given that people who relocated during Covid are reluctant to sell their homes right now. In the multifamily space, though, demand has risen each quarter this year and fundamentals are continuing to strengthen especially in supply constrained markets. Show more