Posted on August 20, 2015 - 03:51 PM
by Sue Miller / NAR
The REALTORS® Confidence Index is a key indicator of housing market strength based on a monthly survey sent to over 50,000 real estate practitioners. Practitioners are asked about their expectations for home sales, prices and market conditions. In addition, the "Questions of the Month," feature results of a timely aspect of the housing market.
Below are Highlights of the July 2015 Survey.
The confidence indices for current conditions and the six-month outlook for single-family, townhome, and condominium properties all declined slightly —indicative of a slowing market.
The indices are, however, well above the levels of a year ago.
Responses indicate tight supply across many local markets.
Properties stayed on the market longer at a median of 42 days nationally. -First-time home buyers accounted for 28 percent of sales. Cash
sales made up 23 percent of sales.
Respondents noted several issues weighing down the market’s momentum, including tight inventories of available homes, decreasing affordability, continued tight mortgage availability, and slow/excessively conservative appraisals.
REALTORS® also expressed concern that new disclosure regulations may delay closings as well as uncertainties about flood insurance rates.
Please contact Sue Miller for your full and complete copy of the report.