Extracted from the (Fed Reserve Beige Book) SUMMARY OF
COMMENTARY ON CURRENT ECONOMIC CONDITIONS BY FEDERAL RESERVE DISTRICT - November
2016
Real Estate and Construction
Residential real estate activity improved across Districts.
Reports about existing- and new-home sales were mixed, but most Districts noted
a slight to modest increase during the period. Residential construction was up
in the Cleveland, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, and
Dallas Districts. Home prices grew in many Districts, including Boston,
Philadelphia, Cleveland, Atlanta, St. Louis, Kansas City, and San Francisco.
Philadelphia reported that the strength of the single-family market is in
high-end housing. In contrast, Kansas City reported that sales of low- and
medium-priced homes continued to outpace sales of higher-priced homes. Dallas
reported that the sales of lower-priced homes remained solid. Home inventories
were generally reported to be low or declining and restraining sales growth.
Boston, Philadelphia, Cleveland, Richmond, and Minneapolis reported low or
decreasing inventories. Reports on inventory levels varied in Atlanta, while
inventories held steady in Kansas City.
Commercial construction activity moved higher in the New
York, Cleveland, Richmond, Atlanta, St. Louis, Kansas City, and San Francisco
Districts. In contrast, Minneapolis noted a slowing in commercial construction.
The Boston, Richmond, Minneapolis, and San Francisco Districts reported
increases in leasing activity, while Philadelphia noted a lull in
nonresidential leasing growth compared with the prior period. Dallas reported
leasing activity as mostly unchanged. Commercial sales activity continued to be
robust in Minneapolis and grew modestly in Kansas City. Ongoing multifamily
construction has been steady at a fairly high level in New York. Multifamily
construction varied in the Atlanta District and slowed somewhat in Richmond,
Minneapolis, and San Francisco.
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