Construction and Real Estate - January 2011
Following the end of the housing stimulus, District home sales during the third quarter of 2010 were down 17.9 percent 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 November weakened further, in line with a softer national home price index.
Data from First American CoreLogic show that home prices in the Southeast (measured year over year and excluding distressed sales) for November were mixed again but remained fairly stable across much of the region.
- Weakness was most pronounced in Alabama, down 7.8 percent, as the index measured on a year-over-year basis continued to soften.
- Home price growth softened modestly in Louisiana and Tennessee as well.
- Mississippi home price growth showed the most improvement in November, nearly equaling the year-earlier level. Home price growth remained negative in Florida and Georgia but improved modestly.
The National Association of Realtors reported that December existing single-family home sales growth in the South Census region improved notably on a year-over-year basis but remained slightly negative, down 3 percent.
- On a month-over-month basis, existing single-family home sales in December for the South Census region increased 10 percent from November.
- The state's median home price declines held steady in December on a year-over-year basis.
Data from the U.S. Census Bureau show that District single-family permits (non–seasonally adjusted) held steady in November, declining 14 percent on a year-over-year basis.
- Permit growth was little changed in Alabama, Georgia, and Tennessee while the permit decline was more modest in Louisiana.
- Permit growth continued to weaken in Florida and Mississippi on a year-over-year basis.
- Median condominium prices edged down slightly in December, dropping 17 percent on a year-over-year basis.
Data from the U.S. Census Bureau show that District multifamily permits (non–seasonally adjusted) in November turned slightly negative again compared with weak levels a year earlier.
Data from McGraw-Hill/TWR Pipeline in November indicated that commercial construction activity in the District continued to weaken, but the outlook improved slightly.
Data from McGraw-Hill/TWR Pipeline in November indicated that commercial construction that will get under way within the next six months remains at very low levels but improved slightly. There was a significant jump in the warehouse sector.