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08/27/2014

Southeast Housing Update: Exploring the Recent Slowdown

Following several months of somewhat disappointing reports on home sales and housing starts, we decided that it was time to ask the residential brokers and builders who participate in our monthly housing market poll to revisit the factors that may be contributing to slower-than-hoped-for growth.

When housing’s momentum began slowing in mid-2013, many contacts pointed to rising mortgage rates as the reason. Then in early 2014, many attributed the continued sluggishness to inclement weather. Although it seemed that weather did, in fact, play a role, our business contacts reported that less affordable buying conditions (for example, higher rates and prices) and limited inventory were greater culprits.

So what is the reason now? Our latest poll results suggest that contacts continue to believe that less affordable buying conditions and limited inventory—plus tight credit conditions—are the main factors behind the slowing activity (see the table).

Factors Influencing the Slow Growth of the Housing Market

Although the results of this special question help us as we think through what might be contributing to the weak growth, it is important to acknowledge that the incoming data (and upwardly revised data from the past few months) suggest that housing activity might not actually be slowing to the degree we previously thought. And in fact, a quick look at the latest poll results (without considering the special question) might also lead one to conclude that regional housing market conditions remain fairly positive. To explore the latest results in more detail, please view our Construction and Real Estate Survey results.

Note: The latest poll results reflect activity in July 2014 and are based on responses from 44 residential brokers and 16 homebuilders and were collected August 4–13. If you would like to participate in this poll, please consider signing up.

Photo of Jessica DillBy Jessica Dill, senior economic research analyst in the Atlanta Fed's research department


August 27, 2014 in Economic conditions, Housing, Inventories, Prices, Real Estate, Southeast | Permalink

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08/01/2014

Southeast Housing Update: Building on Recent Gains

To detect emerging real estate trends, the Atlanta Fed conducts a monthly poll of southeastern broker and builder business contacts. The latest poll results suggest that housing market conditions in the Southeast remain positive.

The majority of brokers (60 percent) and builders (63 percent) indicated that home sales had increased from the year-earlier level (see the chart):

SE Home Sales versus a Year Earlier

The home sales outlook among contacts remained fairly upbeat. More than 80 percent of brokers and just under 50 percent of builders expect to see continued growth in home sales (see the chart):

SE Homesales Outlook versus a Year Earlier

More than half of the brokers and close to three-fourths of the builders reported that buyer traffic was up from the year-earlier level (see the chart):

SE Buyer Traffic versus a Year Earlier

Most brokers and builders reported that home inventory levels remained flat or were down from the year-earlier level (see the chart):

SE Home Inventory versus a Year Earlier

The majority of brokers and builders reported that home prices were up in June compared with year-ago levels (see the chart):

SE Home Prices versus a Year Earlier

More than three-fourths of builders reported that construction activity had increased from the year-earlier level (see the chart):

SE Construction Activity versus a Year Earlier

To explore these results in more detail, please visit our Construction and Real Estate Survey page.

Note: The latest poll results are based on responses from 40 residential brokers and 19 homebuilders and were collected July 7–16, 2014. Please sign up if you would like to participate in this poll.

August 1, 2014 in Housing, Real Estate, Southeast | Permalink

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07/07/2014

To Buy or Not to Buy, That Is the Question (for Millennials)

In the last month, the South Florida Business Journal reported on the announcement of at least three new apartment projects:

  • June 18: Developers plan 300 apartments in Midtown Miami
  • June 19: Lennar plans 229 apartments in Boca Raton after $7.5M purchase
  • June 23: Broward commissioners to vote on 400-apartment project

Data from the real estate analytics firm REIS indicate that 2,425 new apartment units were completed in Miami in 2013. Not only is this noteworthy because this represents the most units delivered per year since 1991 but also because nearly all of the units were absorbed. More than 600 units have been delivered so far in 2014, and close to 3,000 units remain under construction. Despite this comeback in Miami apartment construction, the apartment vacancy rate ended the first quarter at 3.8 percent and is expected to remain at this low level for an extended period. Is apartment construction heating up in South Florida as a result of a change in fundamental beliefs of the rising generation?

According to an article featured in the latest issue of the Atlanta Fed's EconSouth, the generation known as the millennials is showing signs of veering from established patterns, particularly when it comes to milestones like moving out of the parents' house, getting married, and buying a home. Many experts, including Atlanta Fed economist Tim Dunne (who has written extensively on the topic, including this article), acknowledge that economic conditions are partly to blame for these delayed decisions.

But are these decisions only being delayed, or have preferences changed? Reports from some Atlanta Fed business contacts suggest that attitudes and preferences may in fact be changing. Some business contacts report that, unlike previous generations, millennial employees are often unwilling to commit long term to one organization, preferring instead nonmonetary perks such as flex time over higher pay, and they place great value on work-life balance. Moreover, real estate business contacts in South Florida have noted that millennials prefer the "experience" that often comes with high-end apartments, such as amenities including dining and shopping, rather than a traditional home in a suburban setting.

More than shifting preferences may be at work, though. According to Fannie Mae’s national housing survey, conducted in May 2014, potential first-time homebuyers are facing several challenges that inhibit their ability to purchase a home. Although the survey does confirm that the number of renters has increased on a national basis, and the number of homeowners has declined, since the financial crisis, the survey's findings indicate that potential homebuyers are not renting by choice but rather by necessity. Higher credit standards and increasing home prices have hindered potential homebuyers. The survey results suggest that younger renters aspire to own but feel pessimistic about their ability to get a mortgage, perceiving down payment and credit score requirements as obstacles. The survey also reported that young renters aspire to own for financial and lifestyle reasons, although a smaller share of respondents (versus last year) reported that their primary reason for renting is to prepare them for homeownership.

For the rental market, the question remains whether that segment's growth is a permanent shift by millennials or merely a bridge until this generation is better prepared to become homeowners.

By Marycela Diaz-Unzalu, a Regional Economic Information Network analyst in the Atlanta Fed's Miami Branch

July 7, 2014 in Florida, Housing, Real Estate | Permalink

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07/01/2014

Southeast Housing Update: Home Prices Increasing, If Only Slightly

To detect emerging real estate trends prior to the release of the official statistics, the Atlanta Fed conducts a monthly poll of Southeast broker and builder business contacts. The latest poll results came in a few weeks ago and revealed the following:

  • More builders, but fewer brokers, indicated that home sales had increased from the year-earlier level. Contacts were much less optimistic about future sales growth than they were a year earlier.
  • Fewer brokers, but more builders, noted that inventory levels were down from the year-earlier level.
  • Most brokers and builders continued to report that home prices increased slightly in May compared to year-ago levels.
  • Fewer builders reported an increase in construction activity from month-earlier and year-earlier reports, but their outlooks remained optimistic and largely unchanged from the year-earlier level.

To view the latest poll results in more detail, please visit the Atlanta Fed's Construction and Real Estate Survey page.

Thoughts on credit availability
After more than a year of periodically posing questions about mortgage and construction and development finance, we decided to include the credit questions on a monthly basis starting in January 2014. In the latest poll, roughly two-thirds of brokers and builders reported that the amount of available mortgage finance was either equal to or greater than the amount of demand this month (see the charts).

Housing_update

Most builders, on the other hand, continued to report that the amount of available construction and development finance fell short of demand (see the chart). Because we didn't start asking this question until 2012 (and, again, at that point only intermittently), it is hard to say how this perception compares to how conditions were viewed before the housing downturn.

Builders

In an attempt to put things in perspective, we posed a special question in June to builders asking them how the availability of construction and development finance now compares with the availability four, six, eight, and 10 years ago. Most builders reported that construction and development finance is more available now than it was four years ago in 2010. The results for 2008 were somewhat mixed. Builders were almost unanimous in reporting that construction and development finance is less available now than it was in 2004 and 2006 (see the chart).

Availability_construction

Note: The latest poll results are based on responses from 38 residential brokers and 19 homebuilders and were collected June 2–11, 2014. If you would like to participate in this poll, please sign up.

Photo of Jessica DillBy Jessica Dill, senior economic research analyst in the Atlanta Fed's research department

July 1, 2014 in Housing, Real Estate, Southeast | Permalink

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06/20/2014

Southeast Commercial Construction Picks Up the Pace

Each quarter, the Atlanta Fed conducts a poll of Southeast business contacts engaged in commercial construction in an effort to keep a close eye on construction activity. The latest results revealed that the positive momentum noted in the previous quarter was sustained through the first quarter of 2014.

The majority of commercial construction business contacts indicated that the pace of nonresidential construction activity (measured by square feet) and the pace of multifamily construction (measured by number of units) had increased from year-earlier levels (see the charts).

Associated Builders and Contractors Inc., a national construction industry trade organization, conducts a survey of its own called the Construction Backlog Indicator, or CBI. The survey measures the amount of work that will be performed by commercial and industrial contractors in the months ahead. While CBI data are only available through the fourth quarter of 2013, it seems to be telling a similar story to the one our contacts are telling: that the pipeline of construction activity is building up.

The number of respondents reporting that the amount of available credit met or exceeded demand increased from earlier reports (see the chart). Sixty percent of contacts in the first quarter of 2014 indicated that credit was sufficient to meet demand, compared with 58 percent the previous quarter and only 31 percent one year earlier.

Most contacts indicated that they plan to increase hiring during the next quarter (see the chart). Seventy-nine percent of contacts in the first quarter of 2014 reported that they were planning to undertake modest to significant hiring, compared with 58 percent the previous quarter and 64 percent one year earlier.

Compared with one year earlier, more contacts (nearly three out of four) indicated that they were having a difficult time filling positions (see the chart).

This result is also consistent with reports from national trade organizations. In an April 4 press release, the Associated General Contractors of America warned that “the pool of available workers is declining rapidly, raising the prospects for significant labor shortages if demand continues to expand.”

Summarizing the information
The key first quarter 2014 findings show that commercial construction activity was increasing, the level of backlog was growing, that the amount of available credit met or exceeded demand, and that firms plan to hire additional employees during the next quarter. While it was a fairly positive report on the whole, the one finding that could prove problematic was that contacts were having a difficult time filling positions.

Note: First quarter 2014 poll results were collected April 7–16, 2014, and are based on responses from 20 business contacts. Participants of this poll included general contractors, subcontractors, lenders, developers, and material fabricators with footprints of varying sizes across the Southeast. If you are a commercial contractor and would like to participate in this poll, please let us know by sending a note to RealEstateCenter@atl.frb.org.

Photo of Jessica DillBy Jessica Dill, senior economic research analyst in the Atlanta Fed's research department

June 20, 2014 in Construction, Housing, Real Estate | Permalink

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05/30/2014

Southeast Housing Update: Sales, Prices, Construction Activity Spring Forward

The Atlanta Fed conducts a monthly poll of Southeast broker and builder business contacts in an effort to detect emerging real estate trends prior to the release of official government and other statistics. According to the April 2014 Southeast Housing Market Poll results:

  • There was a rebound in the number of brokers and builders reporting that home sales had increased from the year-earlier level.
  • More brokers but fewer builders noted that buyer traffic had increased from a year earlier.
  • Most brokers continued to indicate that inventory levels were down from the year-earlier level. The report from builders was split down the middle—half of respondents said that new home inventories increased from the year-earlier level, the other half noted new home inventory levels had fallen.
  • The vast majority of brokers and builders continued to report that home prices increased from a year earlier.
  • There was a rebound in the number of builders reporting that construction activity had increased from the year-earlier level.

To explore the latest poll results in more detail, please visit our Construction and Real Estate Survey results.

Note: April poll results are based on responses from 35 residential brokers and 26 homebuilders and were collected May 5–14, 2014. 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; negative values indicate decreased activity.

If you would like to participate in this poll, you may sign up here.

Photo of Jessica DillBy Jessica Dill, senior economic research analyst in the Atlanta Fed's research department


May 30, 2014 in Construction, Housing, Prices, Real Estate, Southeast | Permalink

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05/09/2014

Is Florida Finally Beginning to Flourish Again?

In March, we shared the view of our contacts in the Regional Economic Information Network (REIN) in north and central Florida. Those contacts described modest but sustained growth in activity in the first quarter of the year. That sentiment continued as winter turned into spring, with reports of increasing activity and greater optimism for continued growth during the remainder of the year.

Since mid-March, the REIN team in the Atlanta Fed’s Jacksonville Branch held 13 one-on-one interviews, one roundtable with a mix of business leaders, a Trade and Transportation Advisory Council meeting (recently summarized), as well as our branch board meeting. Although meeting participants noted acquisitions as a primary growth engine for most firms, some firms are expanding capacity to meet improving demand. Community banks are reporting increased commercial activity as bigger banks trim lines on small businesses. Though loan demand is still relatively soft, our contacts characterized clients as somewhat more confident, which bodes well for future lending activity. One banker cited noteworthy increases in credit card usage and home equity loans.

Retail contacts continue to express concerns about low-income consumers but note that the slowly improving labor market is resulting in somewhat more spending. In central Florida, contacts noted strong spending by more affluent consumers, including foreign visitors who are seeking high-end retail and dining. Robust home sales and price appreciation, accompanied by declining lender-mediated sales, were widely reported. Commercial construction is on the rise, especially in sectors such as health care, manufacturing, apartments, and higher education.

A focus on cost-cutting along with productivity-enhancing efforts continues. As one chief executive officer put it, “People are the last thing we’ll invest in.” Another company has committed to keeping its general and administrative expenses flat, which will result in support staff cuts to offset the increased cost of technology investments and health care. Two other large contacts noted significant reductions of full-timers to avoid having to provide health care coverage and to “be more in line with the industry.” We increasingly hear more about firms restructuring employee health plans and benefits to reduce costs to the company, including shifting more cost burden to the employee, restricting eligibility for spouses who may have access to insurance elsewhere, and adding risk-based surcharges.

Education contacts noted that the ability to place graduates seeking work has improved. Stories abound regarding difficult-to-fill positions (truck drivers, IT, accounting, etc.), and reports of a willingness to increase starting salaries are mixed. Generally, there were few reports of wage pressures mounting (outside of the trucking industry). The news on input prices remains relatively quiet.

Our contacts noted that qualified mortgage rules—and regulations more generally—have the potential to affect the housing recovery. A mortgage and refinance company has cut the majority of its workforce as refinance volume diminishes but noted that current regulations are making first mortgages, especially to the self-employed, “nearly impossible” to issue. Two other small-banking contacts indicated they have discontinued providing residential mortgages. However, two residential real estate contacts did not indicate any major concern about clients’ abilities to obtain mortgage loans.

At the April meeting of the board of directors of the Jacksonville Branch, we asked board members whether the current and near-term environment reflects an economy that is growing at a 2 percent rate or one that is growing at 3 percent. The majority view activity now and in the coming year to be more closely aligned with a 3 percent growth rate. The board members feel that the biggest potential impediment to growth is related to the consumer, as many people continue to struggle and consumer confidence remains lower than before the recession (see the chart).

Florida Consumer Confidence

The old proverb goes, “No matter how long the winter, spring is sure to follow.” One could apply this adage to the Great Recession and the long recovery and ask: Has an economic “spring” finally sprung? We’ll be keeping tabs as the year plays out.

By Sarah Arteaga, a Regional Economic Information Network director in the Atlanta Fed's Jacksonville Branch


May 9, 2014 in Banks and banking, Construction, Economic Growth and Development, Economic Indicators, Florida, Health Care, Housing, Jobs, Manufacturing, Real Estate, Retail | Permalink

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05/05/2014

Southeast Housing Update: Traffic, Sales, Prices Up

The Atlanta Fed conducts a monthly poll of southeastern broker and builder contacts in an effort to detect emerging real estate trends prior to the release of the official statistics. Besides our standard questions on key metrics, we will occasionally add a special question or two with the goal of better understanding the mechanics behind the emerging trends.

We recently received results from the he March poll, and instead of discussing all of the results, I wanted to highlight just a few of the findings:

  • The number of brokers and builders reporting an increase in buyer traffic rebounded in March. This rebound supports the notion from earlier reports that weather conditions were in fact weighing down buyer traffic.
  • More brokers reported an increase in home sales in March than in February. At the same time, more builders reported a decline in home sales from February to March.
  • For the first time since February 2011, more builders reported that inventory levels had increased than decreased. However, the opposite was true for brokers, most of whom continued to report a decline in inventory levels.
  • The vast majority of brokers and builders continued to report that home prices increased from the year-earlier level.

Based solely on these poll results, it’s difficult to draw any sort of clear conclusion about what activity might look like going forward.

At this point, our special questions come in handy. We posed two special questions this month to our business contacts. Brokers were asked if they expect to see a “snapback” in the home sales trend, and builders were asked if they expect to see a “snapback” in the home building trend (see the charts). (We defined “snapback” as above-normal growth that would roughly put the industry on par with the previous level and help to at least partially recoup lost activity from the first few months of the year.)

Will there be a 'snapback' in the trend in home building?


Will there be a 'snapback' in the trend in home sales?


You can see from the poll results that only 22 percent of brokers and 11 percent of builders expect to see a snapback in home sales and home building activity. The majority of respondents—56 percent of brokers and 68 percent of builders—indicated that they expect to see growth from the current level, but not a snapback. The remaining respondents indicated that they don’t expect to see a snapback, either because they expect the weakness to persist or because activity never slowed down in their market.

The results of the special questions aligned nicely with the results of the outlook questions that we posed. In the final analysis, most brokers and builders in the Southeast indicated that they expect growth to be flat to slightly up from the year-earlier level.

Note: March poll results are based on responses from 41 residential brokers and 19 homebuilders and were collected April 7–16, 2014. 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.

Detailed results from the construction and real estate survey are available. If you are a real estate broker or homebuilder and would like to participate in this poll, please let us know by emailing RealEstateCenter@atl.frb.org.

Photo of Jessica DillBy Jessica Dill, senior economic research analyst in the Atlanta Fed's research department


May 5, 2014 in Construction, Housing, Real Estate, Southeast | Permalink

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04/16/2014

Beige Book: Warming Economy Accompanies Spring’s Thaw

Eight times a year, each of the 12 Reserve Banks gathers anecdotal information on current economic conditions in its district through reports from Bank and branch directors and interviews with key business contacts, economists, market experts, and other sources. Their findings are reported in the Summary of Economic Conditions, also known as the Beige Book. The report is published on the Federal Reserve Board of Governors' website about two weeks prior to each Federal Open Market Committee meeting.

The first sentences of the national summary and each Bank's report often receive much attention because the lead sentence tends to summarize economic conditions in that region.

Here is a compilation of the first sentence of the national summary and each Reserve Bank’s report:

  • National: Reports from the twelve Federal Reserve Districts suggest economic activity increased in most regions of the country since the previous report. (A previous SouthPoint post also mentioned the weather’s effect on overall economic conditions.)
  • Boston: The First District economy continues to expand moderately, according to business contacts, although growth rates vary across sectors and firms.
  • New York: Economic activity in the Second District rebounded since the last report, as the harsh winter weather abated.
  • Philadelphia: Aggregate business activity in the Third District grew at a moderate pace during this current Beige Book period.
  • Cleveland: On balance, economic activity in the Fourth District declined slightly in the past six weeks.
  • Richmond: The Fifth District economy expanded moderately since our last report.
  • Atlanta: On balance, the Sixth District economy expanded at a modest pace from mid-February through March.
  • Chicago: Growth in economic activity in the Seventh District picked up in March, and contacts generally maintained their optimistic outlook for 2014.
  • St. Louis: Business activity in the Eighth District has declined slightly since our previous report.
  • Minneapolis: The Ninth District economy continued to grow at a moderate pace since the last report.
  • Kansas City: The Tenth District economy grew moderately in March, and most contacts were optimistic about future activity.
  • Dallas: The Eleventh District economy grew at a moderate pace over the last six weeks.
  • San Francisco: Economic activity in the Twelfth District continued to improve moderately during the reporting period of mid-February through early April.

As you can see, almost all districts are experiencing the same level of economic activity.

Here are some notable highlights from the Atlanta Fed's contribution to the Beige Book:

Consumer spending and tourism

  • District merchants reported an uptick in activity from mid-February through March following sluggish sales in January, which were widely attributed to the severe winter weather. Light motor vehicle sales grew modestly during the time period.
  • Hospitality contacts in areas negatively affected by the adverse winter weather saw improvements in activity.

Real estate and construction

  • Brokers reported home sales were mixed. Inventory levels continued to fall on a year-over-year basis, and the majority of contacts reported that home prices remained ahead of the year-earlier level.
  • The majority of builders reported that construction activity and new home sales were ahead of the year-earlier level. The majority of contacts continued to report modest home price appreciation.
  • District brokers noted that demand for commercial real estate continued to improve. Construction activity continued to increase at a modest pace from last year.

Manufacturing

  • Manufacturers reported increased activity across the region from mid-February through March. Significant improvements were cited in production and new orders.

Banking and finance

  • Bankers noted an increase in loan demand.

Employment

  • District payroll growth remained constrained from mid-February through March.

Prices and wages

  • Nonlabor input costs increased very slowly, with a few noted exceptions, including rising costs for developed land, construction materials, and food. Profit margins remained tight across most industries as contacts continued to report very little pricing power.
  • Contacts continued to indicate little wage pressure outside of some high-skilled positions.

The next Beige Book will be published June 4.

Photo of Teri GaffordBy Shalini Patel, an economic policy analysis specialist in the Atlanta Fed's research department


April 16, 2014 in Construction, Economic conditions, Economic Indicators, Employment, Housing, Jobs, Labor Markets, Manufacturing, Prices, Purchasing, Real Estate, Unemployment, Weather | Permalink

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03/25/2014

Southeast Housing Update: Whether It’s the Weather

Since the beginning of the year, housing indicators have been less robust than expected. Existing home sales, as reported by the National Association of Realtors, have declined on a year-over-year and month-over month basis for the past few months. Housing starts, as reported by the U.S. Census Bureau, have declined from a year ago for the last two months. The big question seems to be why. A popular explanation is that the weather is responsible for all the recent ills in housing. Let’s turn to the Atlanta Fed’s monthly poll of Southeast broker and builder business contacts to see whether factors besides the weather are being overlooked.

Our contacts’ responses indicate they have picked up on the slowing pace of growth in home sales, buyer traffic, and construction activity. The majority of contacts continued to indicate an increase in sales on a month-over-month and year-over-year basis, although fewer Southeast builder and broker contacts reported an increase in home sales relative to the prior month.

Reports on buyer traffic were mixed. The diffusion index of responses is near zero, which means roughly the same number of contacts reported increased activity as reported decreased activity. Though most comments indicated that winter weather conditions slowed buyer traffic, a few comments noted that web inquiries during the same period increased. Steady web activity is consistent with buyer interest remaining constant and waiting out the weather to look at properties in person.

Overall, builders continued to report an increase in construction activity in February, but fewer builders reported an increase this month than in the past few months. To better understand what was behind this weakness, we added several special questions to our most recent poll.

We asked contacts if the recent spurts of severe winter weather had an impact on their business. More than three-fourths of our builder contacts and just shy of three-fourths of our broker contacts indicated that, indeed, the gusts of severe winter weather had in fact had a slight to significant impact on their business (see the chart). Brokers and builders explained that the severe weather events slowed home sales (for example, delayed closings), buyer traffic, and the delivery of new homes to the market.

Did the recent spurts of severe weather have an impact on your business?

We also asked our contacts several questions about investor buying activity, since investors have been a driving force for improvements in many housing markets, and their exit from the market could account for some of the slowing in housing markets. It appears investor participation has waned somewhat based on our poll results (see the chart).

Southeast Composition of Home Buyers

Digging a little deeper to better understand the variation across markets, we learned that more than half of brokers indicated that sales to investors were flat or had increased on a year-over-year basis; only 46 percent indicated a decline. So, while investor participation may have fallen at a regional level, investors are still very present in certain markets across the Southeast (see the chart).

Southeast Home Sales to Investors

Given the results to our inquiries, you might conclude that weather and waning investor interest account for much of the weakness in recent housing data. However, our contacts reported that this was not necessarily the case. While the weather events and pullback of investor buying in some markets may be contributing to the slowdown, contacts indicated that higher home prices, higher mortgage rates, and limited inventory were the most significant factors contributing to the weakness in recent housing data (a recent Real Estate Research post discusses changes in affordability). Perhaps more importantly, the majority of broker and builder contacts indicated that they do not expect the recent weakness in housing to persist (see the table).

Factors Influencing Recent Slower Growth in the Housing Market

So, to what extent were the official numbers affected by the harsh weather? The answer is still up in the air. Based on our latest survey results, it appears that a confluence of factors contributed to the recent weakness but that these headwinds will not be strong enough to derail the continuing recovery in housing.

Note: February poll results are based on responses from 42 residential brokers and 23 homebuilders and were collected March 3–12, 2014. 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 let us know by sending a note to RealEstateCenter@atl.frb.org.

Photo of Jessica DillBy Jessica Dill, senior economic research analyst, and

Photo of Carl HudsonCarl Hudson, director of the Center for Real Estate Analytics, both in the Atlanta Fed's research department


March 25, 2014 in Construction, Housing, Purchasing, Real Estate, Weather | Permalink

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