Housing demand generally remained high and residential real estate markets continued to be strong throughout most of the country in January, although cold temperatures and winter storms interrupted home building in some areas, according to a summary Federal Reserve report issued Wednesday.

Gains in home sales and building activity earlier this year were noted in New York, Philadelphia, Chicago, Dallas and San Francisco, while residential real estate activity continued at “high levels” in Atlanta, St. Louis, Minneapolis and Kansas City. The housing market in the Richmond, Va., district was said to have slowed recently, but builders expected activity to pick up, according to the summary.

Builders and real estate agents in most districts expected home sales in 2004 to be close to the 2003 sales record. Home price appreciation was characterized as steady in most districts with the exception of San Francisco, where the rate of increase was said to have slowed somewhat recently.

High vacancy rates, slowing leasing activity and downward pressures on rents continued to characterize commercial real estate markets in Boston, Philadelphia, Cleveland, Chicago and Kansas City. Major commercial real estate market conditions were “mixed” in St. Louis and Minneapolis. A few districts noted some signs of improvement. Vacancies moved down slightly and rents began to recover in New York and San Francisco while leasing activity picked up in Washington, D.C.

***

Send a Letter to the Editor for publication.
Send a comment or news tip to our newsroom.
Please include the headline of the story.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription