The Birmingham age-herald., 1924-07-27
DEFLECTION FROM 1923 NOTICEABLE Sections In Southeastern Territory Leading Other
 Parts Of Country EXPECTED REACTION NOT MATERIALIZING
 I.-.------- Building Shortage Down; Lack Of Small Homes
 Is In Evidence SUPPLY OF LABOR STATED SUFFICIENT Money Is Generally Found Ade- quate To Meet Realty Demands
EXPECTED REACTION NOT MATERIALIZING
SUPPLY OF LABOR
 STATED SUFFICIENT

The unprecedented activity which made the year of 1923 record period in the real estate market is gradually subsiding into a state of normal ac- tiyity throughout the country, accord ing to the fourth semi-annual survey of real estate conditions over the United States recently completed by the Ma tional Association of Real Estate Boards.
 Returns reported from 229 member boards indicate that the market is in d very healthy condition. It main- tains level of great activity in which, nevertheless, buying is cautious, and de mands that actual value lie behind ask ing prices. n
 The conclusion drawn from the re- ports is confirmed by data which the National association has been collect ing from county recorders and from members of the American Title associa- ton covering the number of transfers and conveyances recorded from month to month oyer a period of years. The data shows that the number of trans fers recorded is on a level with 1923 for the country as q whole.
 The following conclusions are clearly indicated in tile answers to the ques- tionaires:
 No Reaction Yet
 1. Although the unusual conditions of 1923 might have been expected to bring sharp reaction, no sharp re- action has so far taken place. Many cities report the market more active than last year, but q considerable ma jority report it the same or not quite so active.
 2. The national building shortage, which was enormous at the end of the war period, is rapidly being met by the largest volume of building construction ever recorded in the history of the country. 8. Money for the development of real estate, for the most part, is plenti- full. but investors and lenders are as- srming an attitude of caution and severity particularly toward specula- tive enterprises.
 4. The labor situation in the build ing trade is becoming more and more satisfactory.
 5. As to building shortage, the larg- est existing need continues to be small single family dwellings. Fifty-six per cent of the cities reporting indicates a shortage of this type of structure, as against 60 per cent in the associations s similar survey of November, 1925.
 The large demand for single family dwellings at reasonable prices is doubt less one of the factors in maintaining il normal. real estate market, the re- mort points out. If a readJustment comes in the cost of construction it is likely that this latest demand for sln- gle family dwellings at smaller prices will assert itself and will provide em- nlovment for the building industry as well as considerable activity in the real estate market for sometime to come.
 Greatest activity in the real estate market over the nation is reported in the southeastern section embracing Ala bama, Georgia, Florida and Mississippi. Variation between sections is not so great as it was at the end of the pre- viOus survey.
 Presidential Market Active
 Thirty per cent of the cities report, ing indicate that the residential real estate market is as active as last year 1; 33 per cent report is not so active, wnlle g per cent report 1t still more actlve' Thirty-five per cent report tnat the business property market better, 43 per cent Ile bduCy anu A-@ HN~ active. The market for residential nroperty is obviously slowing up most nniforrily in the Pacific Coast, where A per cent of the cities indicate that the market is not so active. The mar Eet is best in the southeastern section for both residential and business prop erty. where. 7S per cent of the cities renort a better residential market and 77 per cent better business property market than last year.
 Shortage in apartments and business structures has shrunk beyond the half wey mark. Percentage of cities re- norting a shortage of apartments has fallen from 54 to fl, business struc- tnres from 43 to 30.
 Supply of labor in the building trade is reported sufficient in 93 per cent of the cities. with the greatest shortage in the central eastern states. Wages are reported higher in 36 per cent of the cities reporting, the same in 01 per cent. and lower in z per cent.
 Tn all sections the supply of money in n majority of cities is reported ade- 0uate, with money reported scarce Tn the largest percentage of cities Tn the Pacific Coast section and central east ern section.