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: Atlanta Fed polls show softening home sales in June
Reports from Southeast housing contacts indicated that activity in the region softened somewhat in June on a year-over-year basis.
However, the majority of Florida brokers continued to report year-over-year gains.
We asked brokers to let us know what was preventing buyers in the Southeast from purchasing a home during the first half of 2011. Brokers' most common response was the inability of buyers to qualify for financing, followed closely by the buyers' inability sell their current home. Slow response from banks came in third, and Florida brokers reported this slow response was the chief obstacle to home purchase.
We then asked brokers which obstacles to buying a home had been the most problematic for buyers. Southeastern brokers clearly reported that the inability of buyers to sell their current home was most problematic.
However, a look at Florida brokers' responses indicated that the buyers' inability to sell their current home along with slow response from banks was hindering sales.
Southeastern builders reported that construction activity was similar to weak levels a year earlier while the outlook improved a bit.
In June we revisited questions on home improvement construction that we posed at the end of the first quarter. The majority of builders reported that home improvement construction exceeded the year-earlier level, an improvement over first-quarter activity. The outlook also improved from earlier in the year as well.
However, builders indicated that it remained difficult to pass along cost increases in the home improvement work they were bidding.
Southeastern brokers indicated that buyer traffic remained positive in June on a year-over-year basis while builders noted buyer interest was similar to a year earlier.
Note: June poll results are based on responses from 82 residential brokers and 37 homebuilders and were collected July 5–13, 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: Atlanta Fed polls show softening home sales in June:
- Southeast Manufacturing: Solid as an Oak
- The Fruits of Our Labor
- Tracking Energy’s Trajectory
- Southeast PMI Surges in February
- Tiny Bubbles in Alabama
- 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
- April 2015
- March 2015
- February 2015
- January 2015
- December 2014
- November 2014
- October 2014
- September 2014
- August 2014
- July 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