Construction and Real Estate - November 2010
Following the end of the housing stimulus, District home sales were down 17.9 percent during the third quarter of 2010 from the previous quarter, according to the National Association of Realtors.
- On a quarterly basis, existing home sales declined in all six District states.
- District existing home sales declined on a year-over-year basis as well, dropping 10 percent in the third quarter following gains of 18 percent the two previous quarters. However, Florida sales were down only 1 percent from a year earlier.
According to data from First American CoreLogic, home prices in the Southeast (measured year over year and including distressed sales) for September weakened further, in line with softer home demand.
Data from First American CoreLogic show that home prices in the Southeast (measured year over year and excluding distressed sales) for September were mixed again but remained fairly stable across much of the region.
The National Association of Realtors reported that existing single-family home sales growth in the South Census region in September softened further on a year-over-year basis, falling 25 percent, while median home price turned slightly positive.
- On a month-over-month basis, existing single-family home sales in October for the South Census region declined 2.6 percent from September.
According to Florida Realtors®, Florida's existing single-family home sales growth weakened again in October, dropping 21 percent from its year-earlier level.
- However, the state's median home price declines continued to moderate somewhat, declining 3 percent on a year-over-year basis following a 6 percent decline in September.
Data from the U.S. Census Bureau show that District single-family permits (non–seasonally adjusted) moderated in October, declining 14 percent on a year-over-year basis following a 15 percent decrease in September.
- Permit declines were more modest in Alabama, Louisiana, and Mississippi. Permit growth continued to weaken in Florida while year-over-year declines held steady in Georgia and Tennessee.
According to Florida Realtors®, Florida's condominium sales growth weakened again in October, declining nearly 5 percent, and turned negative again on a year-over-year basis.
- Median condominium prices also softened in October, dropping 22 percent on a year-over-year basis.
Data from the U.S. Census Bureau show that District multifamily permits (non–seasonally adjusted) in October remained ahead of weak levels a year earlier.
Data from McGraw-Hill/TWR Pipeline in September indicated that commercial construction activity in the District remained soft.
Data from McGraw-Hill/TWR Pipeline in September indicated that commercial construction that will get under way within the next six months remains at very low levels.