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