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Increasing REALTOR® Optimism Sustained in February

Confidence about current market conditions and in the outlook for the next six months rose in February  based on information gathered in the February REALTORS® Confidence Index (RCI) Survey (http://www.realtor.org/reports/realtors-confidence-index). REALTORS® generally mentioned strong  buyer demand and improving prices amid tight inventory and restrictive credit conditions.

 

Examples of improving residential markets are delineated in detail in the RCI Report.

  • Eighty three percent of REALTORS®  reported constant or higher prices in January compared to a year ago.
  • Median days on market for all sales was reported at 74 days in January compared to 97 days  a year ago.
  • Thirty-three percent of respondents reported time on market at less than 1 month when sold.
  • Ninety-two percent of REALTORS® reported that they expect constant or higher prices in the next 12 months.

Distressed sales were at 25 pecent of market, down from  34 percent  a year ago.

Jed Smith, Managing Director, Quantitative Research

Jed Smith is Managing Director, Quantitative Research with the National Association of Realtors®. He has worked on real estate issues for the past 20 years, providing input on a variety of housing, commercial real estate, tax, and planning issues. Recently he has been involved in several international studies.

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