With slow but steady economic growth, the housing market is also responding with smaller increases and even some declining figures. Thus, the trends in housing are quite mixed. Roughly said, the Southern housing is on the rise, while the Northeast and Midwest are lagging. In total, eight of the 12 Fed districts report somewhat positive outlook.
Housing sales were up in Richmond, Atlanta, Chicago, St. Louis, and Dallas. They decreased in Philadelphia, Cleveland, Minneapolis, and Kansas City. As for residential mortgages, there is a decrease in New York, Richmond, St. Louis, and Kansas City and an upward movement in Cleveland and Atlanta.
Home prices continue to rise in most areas, while inventories remain low. Residential construction has good prospects in Boston, Philadelphia, Cleveland, Atlanta, and San Francisco.