Construction and Real Estate - September 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 July 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) in July were mixed again but overall were little changed from the previous month.
The National Association of Realtors reported that existing single-family home sales in the South Census region moderated somewhat in August from a sharp decline in July while the median home price was unchanged.
- On a month-over-month basis, existing single-family home sales in August for the South Census region increased 5 percent from weak levels in July.
According to Florida Realtors®, statewide existing single-family home sales growth improved in August, rising 0.6 percent above the year-earlier level following a sharp decline in July.
- However, the median home price weakened further, declining 8.5 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.
According to Florida Realtors®, condominium sales growth statewide improved in August, rising 22 percent year over year after a 11 percent increase in July.
- Median condominium price growth continued to soften in August, dropping 24 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 July indicated that commercial construction activity in the District continued to soften.
Data from McGraw-Hill/TWR Pipeline in July indicated that commercial construction that will get under way within the next six months remains at very low levels.