Beige Book notes expanded real estate improvements
Ten of the 12 reporting Federal Reserve districts indicated modest growth. The Boston and Philadelphia housing activity slowed down.
Despite Hurricane Sandy’s impact on the East Coast, the New York District residential real estate markets were firm prior to the storm as selling prices remained steady or rose.
Dallas reported single-family housing activity remained strong, with an increase in new and existing home sales.
Construction and commercial real estate activity improved across all Districts since the previous report.
Kansas City noted that real estate markets were stronger than last year and housing activity continues to remain steady.
“Several Districts noted segments of little change in commercial real estate activity. Boston described market fundamentals as flat, and San Francisco depicted market conditions as stable but with pockets of strength for large infrastructure projects such as roads and bridges,” the Beige book states.
Commercial and industrial conditions in St. Louis and New York Districts were mixed. While office markets across upstate New York were unaffected by the storm, there were signs of recent softening.