Several retailers attributed the dip in August sales to the unusually early start of schools, which shifted purchases into July. Home-related product sales were strong across much of the District, while apparel sales were decidedly mixed by location. Warm temperatures stalled fall apparel sales in many parts of the District. Looking forward to holiday sales, many merchants are optimistic about the fourth quarter. Construction Home sales and construction were mixed around the District during August and September.
Inventories remain generally in good shape.
Realtors indicated that no overbuilding was occurring in their markets. Builders and Realtors expect residential home sales and construction in the remainder of this year to be about unchanged from last year. District commercial real estate markets remain healthy. Most suburban and central district office markets continue to report rising occupancy levels and rental rates. A good deal of speculative construction is underway.