Real estate and economic activity edged higher in all 12 Federal Reserve districts during a two-month period ending in May.
A majority of these areas reported an increase in single-family home sales, according to The Beige Book report from the Federal Reserve Bank. In addition, multifamily construction rates in a number of regions also gained. Experts from the Fed say this increase was the result of a rise in apartment demand.
"In particular, the New York, Cleveland, and Richmond districts noted a pickup in the pace of distressed sales," the report said. "Residential brokers and some builders in the Philadelphia, Atlanta, and Dallas districts said home sales were exceeding expectations."
Meanwhile, real estate data indicates that the property inventories in almost every district thinned. This could help to stimulate home prices in some of these areas, as the demand for property is expected to increase in the coming months.
However, a majority of lending standards remained relatively unchanged during the two month period. Some experts claim these rules are still too strict and continue to hold back both builders and buyers from making investments that could speed up the real estate recovery.