Condo sales weaken in Florida
Single-family home construction and sales slowed in Florida in April and May, according to the latest report from the Federal Reserve Board’s Beige Book.
Inventories of homes for sale in Florida remained higher than at the same time last year, and Florida condominium sales continued to weaken with several project cancellations reported, the Beige Book report said.
Those results contrasted with the rest of the Federal Reserve’s Sixth District.
The report said in most parts of the district, which includes Florida, Alabama, Georgia, and parts of Louisiana, Mississippi and Tennessee, homebuilders and residential real estate contracts reported single-family home construction and sales were near year-ago levels.
The report also said nonresidential construction advanced at a modest pace in most parts of the district.
Outside of real estate, the report noted:
• Most retail contacts reported healthy levels of sales and traffic in April and May, with total retail sales described as above year-ago levels
• Factory activity was mixed, with several manufacturing firms saying they were hesitant to move ahead with expansion plans because of uncertainties regarding in prices and future demand
• Florida’s tourism industry posted good results in the spring, but tourism officials remained wary as hurricane season approached
• Bank loan demand softened in some parts of the district, led by a decline in the volume of mortgage applications, but credit quality and deposit growth remained strong
