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: Inventory Shortages Appear to Constrain Sales
Once again, southeastern housing contacts reported that March home sales remained ahead of the year-earlier level. More than three-fourths of brokers and two-thirds of home builders indicated that sales were ahead of the year-earlier level (see the chart). Most brokers indicated that sales in March met or exceeded their expectations.
Reports of shortages of available homes for sale continued. As the chart below shows, nearly all brokers indicated that home listing inventories were below the year-earlier level. Low listing inventories continued to restrain home sales and generate multiple offers for properties, particularly at the low end of the market.
Both builders and brokers continued to indicate rising home prices in March. Most brokers reported that home prices rose slightly in March on a year-over-year basis (see the chart). Builders’ responses indicated slightly more positive home price gains, with nearly a third of builders describing home price gains as “up significantly,” and only 13 percent of brokers reported that prices were up significantly.
Once again, southeastern builders indicated that construction activity was ahead of the year-earlier level. However, most builders reported that construction activity had met or fallen below their plans for March (see the chart).
The outlook for sales among brokers and builders over the next several months remained positive (see the chart). Most brokers indicated that buyer traffic was ahead of the year-earlier level in March, and the outlook for sales growth over the next several months was better than expectations for sales a year earlier.
The outlook for new home construction activity among southeastern builders remained positive, as did their outlook for new home sales this spring. Participants indicated that they expect new home sales and construction to be slightly ahead of the year-earlier levels (see the charts).
Note: March poll results are based on responses from 56 residential brokers and 29 homebuilders and were collected April 1–10, 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, senior economic research analyst in the Atlanta Fed’s research department
TrackBack URL for this entry:
Listed below are links to blogs that reference Southeast Housing Update: Inventory Shortages Appear to Constrain Sales:
- 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