Here’s what the Fed has to say on our district:
Real Estate and Construction
Demand for residential real estate fell further in most areas, while activity in commercial real estate markets continued to expand but at a slower pace than previously in some areas. The pace of home sales, construction, and price appreciation slowed further in most parts of the District, and contacts in some areas noted that developers have been offering price concessions and other incentives to entice buyers. Demand for commercial and industrial space rose further in most areas, reducing vacancy rates and leading to further increases in rental rates; however, contacts in a few areas reported a recent reduction in the pace of demand growth. In areas where home demand has been resilient or commercial and public projects have grown rapidly, builders continued to face project backlogs and high costs. In other areas, however, overall building activity has fallen, and contacts noted that reduced home demand has led to layoffs for mortgage brokers and real estate agents.