REALTORS®’ assessments of market conditions indicated flat market activity in October 2014 compared to September and a year ago. The REALTOR® Confidence Index-Current Conditions for single family homes and the Buyer Traffic Index registered near 50, a level that indicates an equal number of respondents with “strong” and “weak” outlook: (http://www.realtor.org/reports/realtors-confidence-index).
REALTORS® reported on market conditions. Properties stayed longer on the market, typically at two months. First-time home buyers continued to account for less than a third of the market. The percent of home purchases for investment purposes was steady compared to September but weaker than a year ago. The percent of sales of distressed properties continued to be on the downtrend.
REALTORS® were more confident about the outlook for the next six months, with the REALTOR® Confidence Index-Six-month Outlook for single family homes above 50. Respondents expect prices to increase in the coming 12 months at a modest pace, with the median expected price growth at 3 percent.