REALTORS® Confidence Index
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.
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- The indices for all property types were higher in July 2016 compared to one year ago, indicating a strengthening of market conditions.
- However, they were lower than June 2016, partly from seasonality effects and also from underlying demand, supply, and price conditions.
- First-time homebuyers accounted for 32 percent of sales, up from 28 percent one year ago.
- Nationally, amid tight supply, half of properties that sold in July 2016 were on the market for 36 days or less compared to 42 days one year ago.
- Very low supply, declining affordability, appraisal issues, and lender processing delays were reported as the key issues affecting sales.