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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- Market activity broadly improved in August 2015 compared to a year ago.
Compared to July 2015, market activity seasonally slowed down.
- Sustained job growth and low interest rates, with the 30-year fixed mortgage rate back to less than four percent in August, appear to be boosting demand. Meanwhile, tight inventory and rising home prices are moderating demand.
The confidence indices for current conditions and the six-month outlook for single-family, townhome, and condominium properties all increased compared to a year ago.
- Tight inventories of available homes, decreasing affordability, continued tight mortgage availability, and slow/excessively conservative appraisals were the main issues reported by respondents.
- Many respondents expressed concern that the new disclosure regulations that take effect on October 3 may delay closings, although nearly 90 percent of respondents reported taking measures to be ready for the implementation, such as attending seminars, coordinating with lenders, and revising model contracts in line with guidelines.