REALTORS® were increasingly more confident about the outlook for all property types in the next six months, according to the March 2015 REALTORS® Confidence Index Survey.
For the second month in a row, the index rose above 50 for all property types. In the single family market, the REALTORS® Confidence Index - Six-month Outlook stayed at 75 (75 in February 2015; 69 in March 2014). The index for townhomes rose to 56 (55 in February 2015; 51 in March 2014), while the index for condominiums increased to 51 (50 in February 2015; 49 in March 2014). An index greater than 50 indicates that the number of respondents with “strong” outlook outnumbered those with “weak” outlook.
The seasonal uptick in market activity during spring and summer, low interest rates, and recent measures to help first-time homebuyers such as the lowering of FHA mortgage premiums and down payment requirement for GSE-backed loans appear to be increasing interest from first-time homebuyers.