The Federal Reserve, in its new 'Beige Book' report, offers little hope that residential real estate markets will pick up steam anytime soon, but there are glimmers of improvement in such once depressed markets as Florida.
"Real estate markets for single family homes for the most part either were little changed from low levels or continued to weaken across all Districts," the central bank said.
The Fed's contacts in Chicago described residential construction there as "subdued" noting that the spring building season is likely to be slower than previously anticipated.
The government reported that market activity is still declining in the St. Louis and Minneapolis Districts, while activity in the New York, Cleveland, Kansas City, Dallas, and San Francisco Districts remained weak.
Atlanta characterized the market as mixed, "with Florida brokers providing most of the signs of improvement," the Fed said. "Both Philadelphia and Atlanta noted that brokers expected the market to improve, and builders in the Cleveland District were more optimistic than in the past several months."
The Beige Book cites "pockets of improvement" in the Philadelphia area with Realtors "seeing a pickup in inquiries, showings, and traffic." But in that market there is hardly any increase in sales or construction. "Boston noted higher activity in just the last few weeks, due in part to improved weather, and Richmond said that the market for lower-priced homes improved."
The one sign of strength appears to be multifamily. The Fed says "markets strengthened in several Districts, including Chicago, Dallas, Minneapolis, and San Francisco, both in terms of leasing and construction activity."
