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: May Home Sales Remain Upbeat
Once again, the Atlanta Fed's monthly poll of regional brokers indicates that home sales in May remained ahead of the year-earlier level (see the chart). Half of brokers reported that recent sales had exceeded their expectations.
Reports from southeastern builders also continued to indicate sales gains on a year-over-year basis in May; however, builders noted that growth moderated somewhat from April to May (see the chart). Most indicated that activity met or exceeded their plan for May.
Once again, shortages of home inventory were a theme that repeated among May's reports. Brokers in particular complained that the lack of inventory was restraining home sales, while builders remained frustrated at their inability to secure construction financing, which they felt was holding back the new home market as well. Contacts continued to report upward pressure on home prices. Most reported that home prices were ahead of the year-earlier level. At the same time, builders noted rising labor and material costs. Most indicated that labor costs were up between 1 percent and 4 percent on a year-over-year basis.
Buyer traffic remained robust in May by most accounts. The outlook among housing contacts remained upbeat as well. The outlook for sales over the next several months among brokers was much more positive than a year earlier (see the chart) while the builders' outlook is similar to views expressed last May (see the chart).
Note: May poll results are based on responses from 49 residential brokers and 24 homebuilders and were collected June 3–12, 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, and negative values indicate decreased activity.
If you are a real estate broker or homebuilder and would like to participate in this poll, please send an e-mail to RealEstateCenter@atl.frb.org.
By Whitney Mancuso, a senior economic analyst in the Atlanta Fed's Research Department
TrackBack URL for this entry:
Listed below are links to blogs that reference Southeast Housing Update: May Home Sales Remain Upbeat:
- O Manufacturing, Is Winter Thy Enemy?
- New Orleans Area Optimistic Heading into 2015
- Florida's Job Report Shines Bright
- Will Retail Sector Maintain GDP Momentum?
- A Timely Talk with Energy Professionals
- A Closer Look at Earnings in the Southeast
- Has Southeast Manufacturing Found Some Optimism?
- WHAT WAS I THINKING?!?!
- Southeast Commercial Construction Continues Gathering Steam
- Employment Momentum Grows in Florida and the Retail Sector
- January 2015
- December 2014
- November 2014
- October 2014
- September 2014
- August 2014
- July 2014
- June 2014
- May 2014
- April 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