Local markets broadly picked up across all property types in January 2015 compared to December 2014, although activity was more modest compared to a year ago, according to the January 2015 REALTORS® Confidence Index Survey.
The indexes for the REALTORS® Confidence Index-Current Conditions across property types rose in January 2015 compared to December 2014. The index for single-family homes was 58 (51 in December 2014; 60 in January 2014). The indexes for townhomes and condominiums also improved, although they are still below 50.
REALTORS® reported that the decline in the 30-year fixed mortgage rate to less than 4 percent since October 2014 has attracted buyers, but there is not enough housing inventory supply, especially for “affordable” and “fresh” listings. At the local level, REALTORS® in states adversely affected by the harsh winter such as Massachusetts, Pennsylvania, and Illinois reported market slowdowns.