Each month the National Association of REALTORS® surveys 50,000 real estate practitioners on their expectations for home sales, prices and market conditions to create the REALTORS® Confidence Index. On April 21st, the new REALTOR® Confidence Index was released. The index reflects strong buyer traffic and tight supplies as we enter the peak housing market, and that REALTORS® are optimistic about the next six months. 88% of respondents reported higher prices than a year ago this due to the strong buyer traffic and reduced home inventory levels. Given this demand, REALTORS® believe home prices will continue to climb.
Lawrence Yun, Senior Vice President and Chief Economist highlighted the Confidence Index’s findings as follows:
- First-time homebuyers accounted for 32 percent of sales.
- Amid sustained job creation, the share of first-time homebuyers has been on a modest rise, up from 29 percent in 2014.
- With fewer new foreclosures, distressed properties accounted for six percent of sales, purchases for investment purposes made up 15 percent of sales, and cash sales accounted for 23 percent of sales.
- Amid tight supply, half of properties that sold in March 2017 were on the market for 34 days or less compared to 47 days in March 2016.
- Lack of homes for sale was the main issue reported by REALTORS®.
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