Residential real estate revealed improvements nationwide from the late August to late September period, according to the Federal Reserve’s latest “Beige Book.”
The Fed’s book is a market-conditions rendering based, not on statistics, but on anecdotal information from Federal Reserve Bank and branch directors and interviews with key business contacts, economists, market experts, and other boots-on-the-ground sources.
The report says all twelve Federal Reserve Bank Districts reported that existing home sales strengthened, in some cases substantially. Selling prices were steady or rising.
• Boston, Atlanta, Minneapolis, Dallas and San Francisco noted declining or tight inventories, which have put upward pressure on prices.
• Modest price increases were reported in the New York, Richmond, Chicago, and Kansas City Districts.
• New York and Richmond reported relatively strong demand at the high and low ends of the market; Philadelphia and Kansas City noted relative strength for mid-range homes; Boston indicated a shift in the mix toward lower or medium priced homes.
• New home construction and sales were more mixed, but still mostly improved; increased construction and/or new home sales were reported in the Atlanta, Chicago, St. Louis, Kansas City, Dallas and San Francisco Districts.
• Multi-family construction, in particular, was described as robust in the Boston, New York, Atlanta, Chicago, and Dallas Districts.
• Residential rental markets continued to be characterized as strong, even in the New York and Atlanta Districts where rents increased somewhat less strongly than in recent months.