Properties are staying on the market longer, based on the days on market information reported by REALTORS® in the October REALTOR® Confidence Index Survey. The median days on the market was 54 days (50 days in September), up from its lowest point of 37 days in June 2013. Short sales were on the market the longest, at 93 days, compared to foreclosed properties (44 days) and non-distressed properties (53 days). Local conditions vary. [See full report]
REALTORS® indicated that properties have stayed on the market longer since mortgage rates increased in the middle of the year (albeit rates are still low by historical standards). The heightened economic uncertainty made more evident by the government shutdown, concerns about higher flood insurance rates in coastal states such as Florida and North Carolina, and the increase in home insurance premiums were also reported to be holding back buyers.
On Tuesday, November 19, NAR Research held a Twitter Chat to discuss the highlights from the newly released 2013 Profile of Home Buyers and Sellers. Research’s Director of Member and Consumer Survey Research, Jessica Lautz, discussed the latest info and trends from this always popular annual report, responding to 140 character-or-less questions as they filtered in. The discussion was lively and informative, and thanks to all who participated. Even if you were unable to interact with us that day, the full recap of the #2013HBS hashtag recap can be found here, and the most popular tweets from the chat can be found after the jump:
Twenty-nine percent of respondents to the October 2013 REALTOR® Confidence Index Survey reported that the government shutdown had a temporary effect on ongoing transactions. Other data indicated that the shutdown also apparently impacted buyer confidence to some degree for future transactions. Overall the impact was noticeable but somewhat lower than feared.
This is a guest blog post by Hugh Morris, NAR’s Manager of Smart Growth Programs.
On October 31st, NAR’s Smart Growth Program released the latest version of its Consumer Preference Survey, which aims to shed light on the characteristics that people desire in their neighborhood and the trade-offs folks are willing to make to live in that preferred setting. At its core, the survey pits a traditional suburban community with separated-land uses necessitating driving to destinations vs. a smart growth community with a mix of land uses where walking, biking, and transit are viable for most trips. We also asked a battery of questions on various transportation modes and the respondents’ use of these modes and inclination to fund various modes.
The lead story out of the survey: 60 percent of respondents favor a neighborhood with a mix of houses and stores and other businesses that are easy to walk to, rather than neighborhoods that require more driving between home, work and recreation.