REAL ESTATE TOPICS...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.

Highlights

• Market activity broadly improved in September 2015 compared to a year ago.
• On one hand, sustained job growth and low interest rates, with the 30-year fixed mortgage rate back to less than four percent in September, appeared to be boosting demand.
• On the other hand, the lack of inventory and high home prices were reported to be moderating demand, although some REALTORS® reported declining prices in their areas.
• The confidence indices for current conditions and the six-month outlook for single-family, town home, and condominium properties all increased compared to a year ago but decreased compared to last month, partly due to the seasonal drop in demand.
• The buyer traffic index also increased compared to a year ago, while the seller traffic index stayed below 50, an indication of tight supply across many local markets.
• Approximately 92 percent of respondents reported taking measures to be ready for the implementation of the new disclosure regulations (that took effect on October 3, 2015) such as attending seminars, coordinating with lenders, advising clients, and revising model contracts in line with the new TILA-RESPA guidelines.

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