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 Data |
| Existing Home Sales Growth |
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| Source: National Association of Realtors |
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| The South's Existing Home Market |
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| Source: National Association of Realtors |
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| Florida's Existing Single-Family Housing Market |
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| Source: Florida Association of Realtors |
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Data and Analysis
Construction and Real Estate
Single-Family Residential: Home Sales
April 2008
New Home Sales
According to data from the U.S. Census Bureau, new home sales growth nationally and in the South Census region declined further during February on a year-over-year basis. During February, sales declined 40.5 percent and 42.3 percent on a year-over-year basis in the United States and the South, respectively.
According to our informal survey of District homebuilders, new home sales remained weak during March, but the weakness was not as pronounced as in recent reports, particularly among Florida builders. Most contacts reported that new home sales fell below the year-earlier level in March. Nearly half of the builders contacted said that sales were down significantly compared with a year earlier; much of that weakness was noted by Georgia homebuilders. Florida contacts continued to note improvements in buyer traffic. By most accounts, new home prices continued to decline on a year-over-year basis. Buyers continued to demand relatively deep price concessions. Several contacts noted that interested buyers found it difficult to secure financing. The outlook for District sales over the next several months improved somewhat from recent months, with District sales expected to be near year-earlier levels.
Existing Home Sales
According to the quarterly report on state existing home sales (single- and multifamily residential) by the National Association of Realtors, home sales in the District remained below the year-earlier level, down 21.9 percent in the fourth quarter of 2007. Weakness remained most pronounced in Florida, where sales declined 29.0 percent on a year-over-year basis, but not as weak as in the third quarter, when sales declined 32.0 percent. However, elsewhere in the District home sales also continued to slow. Sales declined sharply in Alabama from the third quarter. Furthermore, most District markets continued to experience softer home prices with most experiencing year-over-year declines.
Data from the National Association of Realtors indicate that year-over-year declines in existing home sales and the median home price continued in the South Census region in March, but the pace of decline abated slightly from February's pace. Home sales in the South declined 19.6 percent on a year-over-year basis in March following a 21.7 percent decrease in February. The South's median home price declined 7.2 percent in March compared with a year earlier following an 8.8 percent decline in February.
Our informal survey of District Realtors shows that weakness persisted in housing markets during March as most contacts continued to report year-over-year declines in home sales. Contacts in markets outside of Florida indicated that the rate of decline held steady while Florida contacts reported that weakness was not as pronounced as it had been in recent months. Traffic remained soft overall, and the majority of contacts continued to report that sales were down significantly compared with a year earlier. Contacts continued to note that interested buyers found it difficult to qualify for a mortgage. Listing inventories remained at high levels while home prices remained below the year-earlier level by most accounts. The outlook is mixed as Florida contacts anticipate improvements over the next several months while contacts elsewhere in the District expect activity to weaken further.
Alabama
Florida
Georgia
Louisiana
Tennessee
Note: No comparable data are available for Mississippi.
Alabama
According to data from the Alabama Center for Real Estate, weakness persisted in the Alabama housing market. Existing home sales declined 26.4 percent in March on a year-over-year basis following a 12.4 percent decrease in February. After experiencing a strong year-over-year rebound in home sales last month, Huntsville sales dropped sharply in March. The state's median home price improved during March, up 3.0 percent compared with a year earlier. Listing inventories increased in March compared with a year earlier but held steady from the February reading.
Florida
According to figures from the Florida Association of Realtors, weakness persisted in Florida's existing single-family markets during March as single-family home sales and prices remained below year-earlier levels. Existing home sales, measured year-over-year, declined 26.0 percent in March following a 25.4 percent decline in February. The median home sales price was down 15.3 percent in March on a year-over-year basis following a 16.1 percent decline the prior month.
Data from the Orlando Regional Realtor Association show that home sales remained weak during March, down 39.3 percent on a year-over-year basis following a 38.3 percent decline in February. However, weakness in the median home price was not as pronounced in March, down 8.3 percent on a year-over-year basis following a 12.6 percent decline the prior month. Inventories, measured as months-supply of homes, continued to moderate somewhat from their recent high in January.
Georgia
According to figures from SmartNumbers, Atlanta existing single-family home sales weakened further during February while home prices softened as well. Sales in February declined 32.3 percent compared with a year earlier following a 29.8 percent decline in January. The existing median home price declined 13.4 percent in February following a 12.3 percent decline the prior month. Indications are that the declines in new home sales are deeper than in the existing home market. January new home sales declined 42.8 percent while new home prices held steady, even compared with a year earlier.
Louisiana
Data from the New Orleans Metropolitan Association of Realtors indicate that home sales fell 24.1 percent during February on a year-over-year basis following a 20.5 percent decline the prior month.
The Greater Baton Rouge Association of Realtors data continued to report declining sales; sales fell 12.6 percent in March compared with a year earlier following a 11.9 percent decrease in February.
Tennessee
According to data from the Greater Nashville Association of Realtors, new and existing home sales remained below the year-ago level during March. Sales declined 27.3 percent in March on a year-over-year basis following a 25.8 percent decline the prior month. Inventory levels increased while the median home price turned slightly positive on a year-over-year basis.
Figures from the Knoxville Area Association of Realtors indicate that new and existing single-family homes sales softened. Sales declined 23.0 percent in March compared with a year earlier following a 21.7 percent decline in February while inventory levels increased.
Archive | March 2008 | 
