Construction and Real Estate - August 2010
Likely aided by the housing stimulus, District home sales were slightly positive during the second quarter of 2010, up 2.5 percent from the previous quarter, according to the National Association of Realtors.
- Sales were uneven on a month-over-month basis across the District. Florida and Georgia home sales weakened from Q1 to Q2 while elsewhere in the region home sales strengthened.
- District existing home sales remained positive on a year-over-year basis, up 17.9 percent in Q2, identical to the gain in Q1.
According to data from First American CoreLogic, home prices in the Southeast (measured year-over-year and including distressed sales) in June remained near the year-earlier level.
Data from First American CoreLogic show that home price growth (measured year over year and excluding distressed sales) in June was mixed, with weakness most pronounced in Florida.
The National Association of Realtors reported that existing single-family home sales in the South Census region declined sharply in July on a year-over-year basis while the median home price edged down slightly.
- On a month-over-month basis, July's existing single-family home sales for the South Census region declined 23 percent.
According to Florida Realtors®, statewide existing single-family home sales growth fell sharply in July, down 14 percent compared with the year-earlier level, following a 15 percent increase in June.
- The median home price weakened further as well, declining 6.5 percent on a year-over-year basis.
Data from the U.S. Census Bureau show that District single-family permits (non–seasonally adjusted) softened notably in July, declining 6 percent on a year-over-year basis following a 6 percent increase in June.
- Softening was noted across the District; however, growth remained slightly positive in Tennessee.
According to Florida Realtors®, condominium sales growth statewide softened again in July but remained positive, rising 11 percent year-over-year after a 33 percent increase in June.
- Median condominium price growth continued to soften from June to July, dropping 20 percent on a year-over-year basis.
Data from the U.S. Census Bureau show that District multifamily permits (non–seasonally adjusted) remained weak in July; however, year-over-year declines in permits abated somewhat.
Data from McGraw-Hill/TWR Pipeline in June indicated that commercial construction activity in the District continued to soften.
Data from McGraw-Hill/TWR Pipeline in May indicated that commercial construction that will get under way within the next six months remains at very low levels.