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REALTOR® Confidence Rose Strongly in April

The housing market recovery continues to be in the news.  The latest REALTORS® Confidence Index data  rose strongly across all property types in April.   The Confidence Index -Current Conditions[1] for single family properties registered at 70. For the first time, the Index for townhouses crossed over the 50 mark, which delineates “moderate” market conditions. The Index for condominiums also increased.  Source:  April REALTORS® Confidence Index (RCI) Survey (http://www.realtor.org/reports/realtors-confidence-index).

Other indicators of the continued residential market improvement:

  • Ninety-five percent of respondents expect constant or higher prices in the next 12 months.
  • Median days on market  dropped to 46 days in April compared to 83 days a year ago
  • Distressed sales:  18 percent of market, down from 28 percent a year ago.

[1] The Index is calculated as a weighted average of the responses, evaluated at 0-Weak, 50-Moderate, and 100-Strong.

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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Comments
  1. Our market has definitely seen a turnaround..which has led to increased confidence among Realtors. Less short short sales and REO’s are a big part of the reason.