Residential real estate market conditions in the Federal Reserve Bank’s St. Louis district ”have continued to deteriorate,” according to the Beige Book report, while residential home sales in the Kansas City district rose at a slight to modest pace.
New and existing home sales were down 11 percent in St. Louis in May compared with the same month in 2013. Single-family housing permits were down 3 percent in St. Louis.
Residential construction activity generally increased across the Districts, with only St. Louis and Minneapolis reporting a decline in overall activity. Nationally, economic growth was modest to moderate across Fed districts from late May to early July.