23 Feb 2011

Southeast Housing Survey - Fed Reserve

Below are the latest results from the D6 Residential Real Estate Survey.  The survey was conducted February 7-16 reflecting activity in January 2011 and includes responses from 105 Residential Brokers and 49 Home Builders.  

Note: The black line represents National indicators with data through November 2010 while, the survey data is through December 2010.

According to D6 brokers, home sales growth exceeded the year earlier level in January in line with national sales; the majority reported that sales were flat to slightly up on a year-over-year basis.

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Gains among Southeast brokers was largely driven by reports from Florida contacts.  More than half reported year-over-year gains.  

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D6 builders reported that new home sales remained weak in January but year-over-year declines continued to moderate.  

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D6 builders indicated construction activity remained below the year earlier level.  

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D6 contacts continued to report significant downward pressure from short-sales, REOs and pending foreclosures. Sixty-three percent of brokers reported annual home price declines in January compared with 68 percent in December.  

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Despite the absence of a housing stimulus that was in play last year, the overall outlook among D6 brokers continued to improve in January while close to half of builders expect flat sales over the next several months.    
 
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Whitney M. Mancuso
Senior Economic Analyst
Federal Reserve Bank of Atlanta
blackberry: 404-556-8757
office: 404-498-8917
fax: 404-498-8058
whitney.mancuso@atl.frb.org

Click here to download:
Regional Housing Update 2-2011.pdf (345 KB)
(download)