During the month of June, the MFSI rose by 53 points, or almost 3%, to 1,882, an all-time high for the index and 22% higher than a year earlier.
“Apartment stocks remain a darling for investors because they have offered attractive returns compared with other investment opportunities over the past five years,” said Elliot Eisenberg, a housing policy economist at NAHB and creator of the index.
“Despite the consistently strong showing of the S&P 500 over the past year, the MFSI has outperformed it,” he said. “In fact, since December 1998 the MFSI has risen by 88%, while the S&P 500 with dividends reinvested has gained only 0.5%.”
NAHB created the index in 2002 to track the performance of public firms involved in multifamily housing. To allow for historical comparisons to be made between the MFSI and other financial indexes, the starting point for tracking performance data for these publicly traded firms was set at Dec. 31, 1998. The MSFI appears monthly in NAHB’s electronic newsletter, Multifamily Market Outlook.
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