Residential construction declined again in most areas. In Indiana, a contact noted that many residential projects had been put on hold recently. Inventories of unsold high-end homes continued to be elevated. An industry analyst said the number of existing homes on the market was up relative to last year, especially in Michigan. Housing market traffic was increasing in the District as a whole, but contacts thought that converting this traffic into sales would likely be more difficult than usual. For example, an analyst from Chicago reported that home builders and sellers continued to offer incentives to attract buyers. Nonresidential construction remained stable from a year earlier. A developer from Chicago said that commercial rental rates and vacancy rates were little changed over the last quarter.
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