Construction and Real Estate - October 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) for August weakened, 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 August were mixed again.
The National Association of Realtors reported that existing single-family home sales growth in the South Census region in September was down 16 percent from a year earlier while median home price declines moderated.
- On a month-over-month basis, existing single-family home sales in September for the South Census region increased 10 percent from weak levels in August.
- However, median home price declines moderated somewhat, declining 6 percent on a year-over-year basis.
Data from the U.S. Census Bureau show that District single-family permits (non–seasonally adjusted) continued to soften in August, declining 16 percent on a year-over-year basis following a 10 percent decrease in July.
- Softening was noted across the District as permits fell below the year-earlier level in all six District states.
- Median condominium price declines moderated in September, dropping 18 percent on a year-over-year basis.
Data from the U.S. Census Bureau show that District multifamily permits (non–seasonally adjusted) remained at weak levels in August as year-over-year declines moderated somewhat, similar to national trends.
Data from McGraw-Hill/TWR Pipeline in August indicated that commercial construction activity in the District continued to soften.
Data from McGraw-Hill/TWR Pipeline in August indicated that commercial construction that will get under way within the next six months remains at very low levels.