The consensus across most districts is that residential sales and construction have been picking up or steady, although segments of the market in some districts are experiencing a slowdown. The Boston and New York districts note active residential real estate markets, although the New York district reports some market easing since the last report, while Boston district markets still face housing shortages. Home sales in the Chicago district have been better than expected, with price appreciation remaining strong and housing shortages persisting. St. Louis district agents are seeing excess inventories of housing begin to shrink. In the San Francisco district, home sales are strong in Hawaii, while they are slowing in Washington.
Home construction is strong in the New York district, despite a drop in demand in New Jersey.
Commercial construction across districts is a bit more uneven. The Philadelphia district reports that, despite strong activity, contract awards have recently declined. The San Francisco district notes that overall activity remains sound, even though vacancy rates are up and rental rates are down in some regions of the district. The Kansas City district indicates that activity is flat and that sales and leasing have fallen. The Dallas district is experiencing a slowing in commercial construction, with demand for all types of nonresidential space down.