The housing market continued to strengthen this spring, according to the Federal Reserve's new Beige Book that was released Wednesday.
Residential sales and construction activity increased at a moderate to strong pace in all 12 Federal Reserve Bank districts since the last Beige Book was issued in early April.
“Almost all districts reported higher home sale prices,” the Beige Book says. The Minneapolis bank compiled the June Beige Book from reports submitted in late May by the regional banks.
Several district banks reported high demand and low inventory resulted in multiple offers on properties listed for sale. The Kansas City bank reported “concerns that appraisals were not keeping pace with price increases,” the June report says.
The Richmond bank noted that
The Philadelphia bank “commented that builders are facing problems, as the long housing recession has disrupted the supply chain for materials and the pool of skilled workers.”
Meanwhile, the Cleveland bank noted that residential loan demand “shifted from refinancing to new purchases.”
