Commercial and residential real estate markets showed continued improvement during the early spring of this year, according to the FDIC's latest nationwide survey. In addition, opinions about real estate sales volume and excess supply indicated that real estate markets are continuing to rebound.
This FDIC survey polled 309 senior examiners and asset managers in federal banking and thrift agencies, asking in late April about developments in their local real estate markets during the prior three months.
Assessments of commercial real estate markets remained favorable. Forty-nine percent reported that market conditions in April were better than three months earlier and only 2% reported worse conditions. Rising sales prices in these markets were noted by 48%, with 2% reporting deceased sales prices.
Forty-four percent noted improved housing market activity since the last survey, while only 6% observed weaker conditions. The proportion of respondents noting above-average sales volume rose to 41%, up from 33% a year earlier. Also, the 19% noting excess supply in residential markets was down from 27% a year earlier. In addition, 89% said new homebuilding was at average or above-average levels and 75% gave similar opinions about the construction of rental apartments.
Regionally, respondents from the west were the most positive about commercial real estate activity, while respondents from the Northeast reported improvements in residential real estate activity.
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