Construction and Real Estate - May 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.

  • 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 noted across the District.

In April existing single-family home sales in the South Census region continued to improve on a year-over-year basis while the median home price remained slightly positive.

  • On a month-over-month basis, April's existing single-family home sales for the South Census region continued to improve, rising 7.5 percent from March.

Florida's existing single-family home sales growth strengthened again in April, rising 26.7 percent compared with a year earlier following 24.5 percent increase in March.

  • The median home price turned positive on a year-over-year basis, rising 1.5 percent. This increase is the first since July 2006.

District single-family permits (non–seasonally adjusted) strengthened in March, increasing 34.7 percent on a year-over-year basis following a 28.1 percent increase in February.

  • Improvement was driven by Alabama, Florida, and Georgia.

Florida condominium sales growth softened again in April, increasing 55.0 percent year-over-year from a 62.9 percent increase in March.

  • Median condominium price growth abated once again in April on a year-over-year basis, declining 3.4 percent.

District multifamily permits (non–seasonally adjusted) remained down in March on a year-over-year basis, falling 18.5 percent.

  • Declines were noted in Florida, Georgia, Louisiana, and Mississippi.