VARbuzz: Fed Beige Book has some bright real estate spots
The June edition of the Fed’s Beige Book (otherwise known as "Summary of Commentary on Current Economic Conditions by Federal Reserve District") — just came out, and it had some things to say about real estate as well as the overall economy.
Here’s the gist for you TL;DR folks:
Residential real estate appears to be improving nationwide, more in some places than others, of course, and "the recovery was characterized as fragile." Apartments in particular were doing well.
Home sales were above year-ago levels in most areas of the country, and several districts, including Richmond, "noted a pickup in the pace of distressed sales."
Speaking of the Richmond district, it reported that "homes were being snapped up as investors become more confident in the housing recovery."
Inventory is down, and prices are mostly unchanged "although reports were mixed."
Commercial real estate conditions improved in most districts — leasing was level or up, powered notably by the technology sector and, in our region, by the energy industry.
Want more than the gist? Head over to the Fed to read the whole thing.