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REALTORS® Confidence Index

July 21, 2016

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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Highlights:

  • Market conditions vary across local markets, but the REALTORS® confidence and buyer traffic indices indicate that market conditions were “strong” rather than “weak” in June 2016.
  • Sustained job creation and the low cost of obtaining a mortgage are likely underpinning the strong housing demand, while the inadequate construction of new homes has kept inventory tight.
  • This imbalance has led to strong price growth that has made homes increasingly unaffordable.
  • First-time homebuyers accounted for 33 percent of sales.
  • Nationally, amid tight supply, half of properties that sold in June 2016 were on the market for 34 days or less, the same number of typical days on market compared to one year ago.
  • Respondents typically expected prices to increase 3.6 percent in the next 12 months.