REALTORS® generally reported improved housing market conditions in October 2015 compared to a year ago, according to the October 2015 REALTORS® Confidence Index Survey Report.
The confidence and traffic indices all increased compared to a year ago. Compared to September 2015, market activity eased, in part due to the seasonal slowdown across many local markets at this time of the year. Sustained job creation, the low interest rate environment, the availability of three percent downpayment conventional mortgages, and the reduction of mortgage insurance premiums for FHA-insured loans are likely sustaining the housing market recovery.
First-time home buyers accounted for 31 percent of sales, essentially unchanged from the previous months’ figures. Cash sales made up 24 percent of sales, purchases for investment purposes accounted for 13 percent of sales, and distressed properties dropped to six percent of sales. Properties typically sold within 57 days nationally compared to 63 days a year ago.