Residential Real Estate And Construction Survey
Residential real estate activity fell in late July and early August, while commercial real estate activity increased. Home builders reported a decline in home starts and expected further declines in the months ahead. Similarly, most residential real estate agents said homes sales were down from the previous survey period and that they anticipated additional slowing. Inventories of unsold homes continued to rise across the District, with sizeable numbers of foreclosures contributing to the increase in some cities.
In most of the District, contacts reported that the weakest recent housing starts and sales have been for high-end homes. In higher-priced Colorado, on the other hand, most contacts reported that entry-level and mid-range homes have experienced the weakest recent activity, while construction and sales of high-end homes have generally remained solid. Home prices were generally flat compared with the previous survey period and up only modestly from a year ago. Mortgage lenders reported weaker demand for both home purchase loans and refinances, and they expected continued weakness in the months ahead.
Commercial real estate activity improved in late July and early August. Office vacancy rates fell in most cities, and prices for office space were generally higher. Most commercial real estate agents expected continued solid improvement in office markets in coming months.
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