Reports from southeastern brokers indicated sales growth weakened during October on a year-over-year basis but remained positive. Builders indicated that new home sales in October fell below weak levels a year earlier.
Southeast contacts reported that home inventories continued to decline on a year-over-year basis.
Southeast contacts continued to report downward pressure on home prices.
Southeast residential brokers indicated that buyer traffic remained above the year-earlier level in October, while half of builders reported that buyer interest was below last year's level.
Both builders and brokers indicated that sales growth will be similar to last year's levels over the next several months.
Once again, Southeast builders reported that construction activity weakened and the outlook moderated.
Note: The poll results are based on responses from 79 residential brokers and 37 builders. Responses were collected November 7–16.
The housing survey's diffusion indexes are calculated as the percentage of total respondents reporting increases minus the percentage reporting declines. Positive values in the index indicate increased activity; negative values indicate decreased activity.