According to the latest report from the Federal Reserve Board's Beige Book, single-family home construction and sales slowed in Florida in April and May.

The Beige Book report said, 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 rest of the Federal Reserve's Sixth District was contrasted by the results. 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 that 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.

By M. Sese
http://realestatepress.org