Here is the latest REALTORS’ Confidence Index Survey, a key indicator of the strength of the housing market. Take a look at the findings:
Market Conditions and Expectations – scores of 50 and above indicate that conditions are expected to improve
Buyer Traffic Index – 55
Seller Traffic Index – 44
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Confidence Index – 61 for single-family housing; 50 for townhouses; 47 for condominiums
Days on the Market – 36
80% respondents said home prices rose in 10/19; 76% in 10/18
Characteristics of Buyers and Sellers
First-time buyers – 31% of all sales
Vacation and investment buyers – 14% of all sales
Distressed sales – 2% of all sales
Cash sales – 19% of all sales; 23% in 10/18
Sellers offering incentives – 20% of all sales
Closing costs – 9%; Warranties – 9%; Remodeling – 3%
Contingencies offered – 74%
Issues Affecting Buyers/Sellers
From August to October 2019, 73% of contracts settled on time
Sales with contingencies – 74%
Home Inspections – 57%; Obtaining Financing – 43%;
Obtaining acceptable appraisal – 43%
Low inventories and mortgage rates
Price Changes
Higher – 58%
Lower – 20%
Unchanged – 21%
Sold at original price or net premium from listing price – 37%
Median price changes expected within next 12 months
+2%-3% – WA, ID, VT, CO, NY, OK, AR, MO, MS, WI, IN, PA, VT, VA, GA, FL, SC, NC, TN, DE, DC, MD
+3%-4% – AL, WY, AZ
Average Number of Listings/Agent – 2.8
Average Number of Clients Taken on Tour – 4.6
Average Number of Offers Received on Most Recent Sale – 2.2
Characteristics of Sellers
34 years and younger – 10%
35 – 55 years – 43%
56 years and older – 47%
Use of property sold
– Primary residence – 67%
– Investment property – 23%
– Vacation property – 5%
Characteristics of Buyers
34 years and younger – 26%
35 – 56 years – 48%
56 years and older – 26%
Unmarried partners – 9%
Prior living situation
- Lived in property they owned – 41%
- Lived in apartment they rented – 43%
- Lived with parents without paying rent – 11%
First-time buyers putting down less than 20% – 77%
All buyers putting down less than 20% – 54%
Thanks to the National Association of REALTORS® (NAR) for source data.
Also read: Median Home Prices Jump +8% in Q3 2019, Lux Sales in Hamptons Drop to 6-Year Low, eXp Launches Its Own Iteration of Instant Offers Program
