Reports in the media about the state of the Existing Home Sales (EHS) markets sometimes approach the heading of “Scarelines” rather than “Headlines”. Given that all real estate is local, some markets are actually performing well, some are performing poorly, and many are in-between. Median home prices have been moving up and down in a relatively narrow range in many markets, which shows a stabilization trend. However, a review of many of the national media reports leads to an overall impression of gloom and doom. Therefore, what do the people most familiar with the nation’s real estate markets think about the current existing home sales markets?
According to the latest REALTORS® Confidence Index survey, REALTORS® currently are somewhat more confident about the EHS markets than they were at this time last year. There seems to be a general view that the EHS markets are weaker than has normally been the case—but the current level of confidence is a bit better than it has been during much of the past three years.
Comments received from REALTORS® indicate that the EHS markets are very challenging, and many respondents express some degree of frustration with previous and current levels of distressed properties, pricing, and sales levels. There seems to be a general level of agreement that the outlook for the EHS markets will be strongly dependent on continued economic recovery and job creation.