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: Polls show Florida sees improved May home sales
A first glance of recent reports from southeastern housing contacts indicates that activity in the region improved on a year-over-year basis. The majority of builders reported that sales in May were flat to slightly up compared with a year earlier, and close to half of brokers reported sales increased.
However, the May new home sales increase is over weak levels a year earlier; builders' comments indicate that sales remain at low levels. Southeastern broker reports may be a tad misleading as well. Reports from Florida brokers continued to be more upbeat than reports from other brokers in the region. As noted in last month's update, Florida contacts reported that cash sales of distressed homes continued to drive activity.
Actually, sales activity in Florida aside, sales in the region appear to be more in line with recent national trends; the majority of brokers outside of Florida reported that sales in May were below the year-earlier level. Additionally, many noted that comparisons were expected to be down compared with last spring's sales when the federal housing stimulus was in play.
Most southeastern contacts reported that home inventory levels were flat to down compared with a year earlier. The majority of Florida brokers reported that inventories were down from a year earlier. A Jacksonville broker reported, "When a home comes on the market in our area that is priced at a great value, we are seeing multiple offers on a regular basis. We have actually seen some foreclosures with multiple offers sell for more than list price. There are fewer homes to show buyers especially in some of the better neighborhoods."
Contacts indicated more modest year-over-year home price declines in May.
Looking ahead, most southeastern contacts anticipate home sales growth will weaken over the next several months.
Note: May poll results are based on responses from 89 residential brokers and 38 homebuilders and were collected June 6–15, 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: Polls show Florida sees improved May home sales:
- It's Mostly Sunny in Florida
- Auto Manufacturing an Economic Boon for Tennessee
- Southeast Manufacturing Rebounded in June
- Southeast Manufacturing Dips in May
- Assessing the Impact of Oil Price Declines on Louisiana's Economy
- Seeking the Slack
- Middle Tennessee Consumer Confidence on the Rise
- Trials and Tribulations in Transportation
- Southeast Manufacturing: Solid as an Oak
- The Fruits of Our Labor
- August 2015
- July 2015
- June 2015
- May 2015
- April 2015
- March 2015
- February 2015
- January 2015
- December 2014
- November 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