Construction and Real Estate - June 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) continued to abate across the region in April except in Mississippi.
Data from First American CoreLogic show that home price growth (measured year over year and excluding distressed sales) in April 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 May held steady on a year-over-year basis while the median home price remained slightly positive.
- On a month-over-month basis, May's existing single-family home sales for the South Census region were unchanged.
According to Florida Realtors®, statewide existing single-family home sales growth moderated in May but remained above the year-earlier level, up 18 percent following a 27 percent increase in April.
- The median home price turned slightly negative again on a year-over-year basis, declining 2.4 percent, as demand weakened somewhat.
Data from the U.S. Census Bureau show that District single-family permits (non–seasonally adjusted) slipped a bit in May, rising 30 percent on a year-over-year basis following a 33 percent increase in April.
- Softening was noted across the District except in Tennessee, where permit growth strengthened notably.
According to Florida Realtors®, condominium sales growth statewide softened again in May, rising 40 percent year over year after a 55 percent increase in April.
- Median condominium price growth weakened notably from April to May, dropping 13 percent on a year-over-year basis.
Data from the U.S. Census Bureau show that District multifamily permits (non–seasonally adjusted) remained down in May on a year-over-year basis, falling 7 percent.
- The sharp drop in District permits outside of Florida was driven by a steep falloff in permits in Georgia.
- Declines in Florida permits abated notably in May, nearly even with a year earlier, compared with declines of nearly 38 percent in the three preceding months.