Fed: Residential Markets Still Strong

Residential real estate markets remained "strong" during March and early April, according to the Federal Reserve's Beige Book."Demand for houses was strong and residential sales were high" in nine of the 12 Federal Reserve bank districts, the Beige Book says. "Atlanta, Minneapolis, Kansas City and San Francisco said the pace of home construction was strong or picking up, but St. Louis and Dallas noted slower residential construction." Meanwhile, commercial real estate conditions "varied," according to the Fed publication. The New York, Richmond (Va.), St. Louis, Minneapolis, and San Francisco banks reported that office vacancy rates declined, while the Cleveland, Atlanta, St. Louis, Dallas, and San Francisco banks reported "robust" commercial construction activity.