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: October Home Sales Remain Positive; Access to Financing Remains Limited
Southeastern housing contacts continued to report sales gains in October. Brokers indicated that sales remained slightly ahead of the year-earlier level while builders reported that sales growth rebounded in October (see the chart). Most builders described new home sales as up modestly in October on a year-over-year basis.
In our recent housing polls, we asked Southeast brokers and builders about the availability of mortgage finance for home buyers in their markets (see the chart). Just over half of builders and brokers reported that mortgage finance was short of demand in the region.
Southeast home builders indicated that accessing finance for construction development remained challenging (see the chart). Most reported that available credit fell short of demand.
However, most Southeast builders indicated that construction activity in October was ahead of year-ago levels (see the chart), and the outlook for construction activity next year continued to improve.
Both builders and brokers continued to report declining home inventories on a year-over-year basis. Most contacts said that home prices increased in October indicating that prices rose modestly compared with a year earlier (see the chart).
Most contacts reported that buyer traffic remained ahead of the year-earlier level in October (see the chart). The outlook among Southeast builders and brokers remained positive as well. Builders’ prospects continued to be a bit more upbeat.
Note: October poll results are based on responses from 58 residential brokers and 25 homebuilders and were collected November 5–14, 2012. 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: October Home Sales Remain Positive; Access to Financing Remains Limited :
- Southeastern Transportation: Tapping the Brakes?
- Southeast Manufacturing Slows in August
- 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
- November 2015
- September 2015
- August 2015
- July 2015
- June 2015
- May 2015
- April 2015
- March 2015
- February 2015
- January 2015
- 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