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: Homes Sales Off to a Solid Start in January; Outlook More Upbeat
Southeastern housing contacts reported that home sales were off to a positive start in January 2013. Nearly two-thirds of brokers and more than three-fourths of home builders indicated that sales were ahead of the year-earlier level (see the chart). Reports from homebuilders were more positive than broker reports. Nearly a third of builders reported that sales were up significantly while half indicated more modest increases in January compared with a year earlier.
Once again, brokers and builders indicated that home inventories remained below the year-earlier level in January (see the chart). Several brokers continued to note that low listing inventories were restraining sales. Many also noted that they were receiving multiple offers for properties, particularly at the low end of the market.
Both builders and brokers continued to indicate home price appreciation in January (see the chart). Most indicated that home prices rose modestly compared with a year earlier.
Builders reported that construction activity was ahead of the year earlier-level (see the chart). Similar to reports on new home sales, a third of builders described construction activity in January was up significantly from a year earlier while more than half of builders said that construction activity was up slightly.
The outlook for sales among brokers and builders over the next several months remained positive (see the chart). Brokers indicated that their outlook was a bit more upbeat than their position a year earlier.
Southeast builders' sales outlook was much more positive than their view a year earlier and a bit stronger than current broker expectations (see the chart).
Note: January poll results are based on responses from 50 residential brokers and 28 homebuilders and were collected February 4–13, 2013. 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: Homes Sales Off to a Solid Start in January; Outlook More Upbeat:
The comments to this entry are closed.
- 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