Construction and Real Estate - July 2010
Following four consecutive quarters of growth, District home sales softened during the first quarter of 2010, dropping 15.2 percent from the previous quarter, according to the National Association of Realtors.
- District existing home sales remained positive on a year-over-year basis, up 17.9 percent following robust growth of 33.1 percent the previous quarter.
- Softer sales were seen in every District state.
According to data from First American CoreLogic, home price declines (measured year over year and including distressed sales) in May continued to abate in Florida, Mississippi, and Tennessee while growth continued to improve in Georgia.
Data from First American CoreLogic show that home price growth (measured year over year and excluding distressed sales) in May continued to improve except in Louisiana, where growth, albeit positive, moderated somewhat.
The National Association of Realtors reported that existing single-family home sales in the South Census region for June weakened on a year-over-year basis while the median home price was slightly positive.
- On a month-over-month basis, June's existing single-family home sales for the South Census region declined 7 percent.
According to Florida Realtors®, statewide existing single-family home sales growth continued to moderate in June but remained above the year-earlier level, up 15 percent following an 18 percent increase in May.
- The median home price remained slightly negative again on a year-over-year basis, declining 2.9 percent.
Data from the U.S. Census Bureau show that District single-family permits (non–seasonally adjusted) softened notably in June but remained positive, up 6 percent on a year-over-year basis following a 30 percent increase in May.
- Softening was noted across the District; however, growth remained positive in Florida, Georgia, and Tennessee.
According to Florida Realtors®, condominium sales growth statewide softened again in June, rising 33 percent year over year after a 40 percent increase in May.
- Median condominium price growth continued to soften from May to June, dropping 16 percent on a year-over-year basis.
Data from the U.S. Census Bureau show that District multifamily permits (non–seasonally adjusted) weakened notably in June on a year-over-year basis, falling 29 percent.
- Multifamily permits softened across the District except in Florida, where growth turned positive on a year-over-year basis.
Data from McGraw-Hill/TWR Pipeline in May indicated that commercial construction activity in the District continued to soften.
Data from McGraw-Hill/TWR Pipeline in May indicated that commercial construction activity that will get under way within the next six months remains at very low levels.