US DATA: Beige book on RE: “Activity in residential real estate markets
largely held steady at very low levels, with the exception of further
increases in the construction of multifamily residences. The pace of
single-family home sales remained quite sluggish… Prices were
largely stable on a short-term basis… Market for rental units
tightened in some areas such as the New York and Richmond Districts, and
construction of multifamily residences rose in the Boston, Philadelphia,
Chicago, Kansas City, and Dallas Districts. Demand for nonresidential
real estate remained somewhat soft overall… Vacancy rates and other
indicators in markets for office space were largely unchanged… (but)
New York reported that demand for office space ‘picked up in late 2011,’
causing vacancy rates to edge down and asking rents to rise.”