Conditions in residential real estate markets generally remained weak, but activity in nonresidential markets picked up further. In most areas, sales volumes for new and existing homes continued to fall and average time on the market continued to rise. Price appreciation slowed accordingly, with modest price declines evident during the survey period in some parts of the District.
However, despite weak demand for new homes, contacts noted that many developers are not putting undeveloped land up for sale, suggesting that they expect the market weakness to be limited to the short term. Moreover,
contacts in some areas noted recent signs of stabilization in the pace of home sales and price appreciation, along with a construction pickup for multifamily buildings. On the nonresidential side, vacancy rates for commercial space continued their gradual decline and rental rates rose further in most District cities.
Construction activity for commercial and public projects expanded in some areas, largely offsetting declines in residential construction activity and thereby preventing significant declines in construction employment in those areas.
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