The Atlanta Fed's SouthPoint offers commentary and observations on various aspects of the region's economy.
The blog's authors include staff from the Atlanta Fed’s Regional Economic Information Network and Public Affairs Department.
Postings are weekly.
Southeast housing update: Recent Atlanta Fed polls show December home sales improved
The Federal Reserve Bank of Atlanta's monthly poll of regional residential real estate brokers in December indicated that home sales were slightly below the year-earlier level and in line with figures released by the National Association of Realtors.
Overall, Southeastern responses were mixed. A third of respondents noted increasing sales on a year-over-year basis, 40 percent reported declines, and the remainder indicated no change. The most positive reports came from Florida brokers, which were in line with local market reports.
|December 2010 Home Sales, Year-Over-Year Percent Change|
|Northeast Florida Association of Realtors||10.9|
|Orlando Regional Realtors Association||-1.74|
|Greater Tampa Association of Realtors||3.9|
|Greater Nashville Association of Realtors||-6.9|
|Greater Baton Rouge Association of Realtors||-11.3|
|New Orleans Metropolitan Association of Realtors||-7.3|
|Source: FRBA business contact poll|
In addition to our usual poll questions, we asked brokers what factor had most prevented buyers from purchasing homes during the fourth quarter. Most indicated that the inability to sell their current home was the biggest hindrance, followed by the buyers' inability to secure financing. Chiefly mentioned by those who marked "other" was uncertainty. Also noteworthy, in December Florida brokers no longer reported stalled sales related to the moratorium by several banks surrounding legal problems with foreclosure paperwork. Brokers also noted in a separate question that homeowners were forgoing jobs elsewhere because they were unable to sell their current home.
Southeastern homebuilders reported that new home sales remained weak in December on a year-over-year basis. Close to 60 percent reported that sales were down from a year earlier. However, a look at monthly comparisons indicated that sales improved slightly on an unadjusted basis from November to December. A quarter of respondents reported a monthly increase in sales during December compared with just 15 percent in November.
Reports from Southeastern builders, which indicated further slowing, were similar to the U.S. Census report on December single-family housing starts.
The outlook among Southeastern contacts continued to improve in December among both brokers and builders despite noted concerns about job growth and foreclosures. The improvement was generally broad-based, with Florida contacts the most positive.
Note: The December poll results are based on responses from 111 residential brokers and 41 homebuilders and were collected January 3–12, 2011.
The housing poll's diffusion indexes are calculated as the percentage of total respondents reporting increases minus the percentage reporting declines. Positive values in the index indicate increased activity while negative values indicate decreased activity.
By Whitney Mancuso, a senior analyst in the Atlanta Fed’s research department
TrackBack URL for this entry:
Listed below are links to blogs that reference Southeast housing update: Recent Atlanta Fed polls show December home sales improved:
- Through the Eyes of a Big Fan
- Southeastern Manufacturing Sees No Shadow
- Southeastern Labor Market Continues Strengthening
- A New Year, a Better Economy?
- Florida's Economic Rebound Continues
- Charting Employer Sentiment in the Southeast
- O Manufacturing, Is Winter Thy Enemy?
- New Orleans Area Optimistic Heading into 2015
- Florida's Job Report Shines Bright
- Will Retail Sector Maintain GDP Momentum?
- February 2015
- January 2015
- December 2014
- November 2014
- October 2014
- September 2014
- August 2014
- July 2014
- June 2014
- May 2014
- Banks and banking
- Beige Book
- Business Cycles
- Commodity Prices
- Consumer Savings
- Data Releases
- Disaster recovery
- Economic conditions
- Economic Growth and Development
- Economic Indicators
- Fiscal Policy
- Gulf Coast
- Health Care
- Holiday Sales
- Labor Markets
- Local Economic Analysis and Research Network (LEARN)
- Monetary Policy
- Natural Disasters
- New Orleans
- Oil Spill
- Real Estate
- Sales Tax