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While local market conditions vary, REALTORS® remained generally confident about the outlook over the next six months, according to the May 2016 REALTORS® Confidence Index Survey Report.[1]
The following maps show the REALTORS® Confidence Index—Six-Month Outlook across property types by state.[2] Compared to current conditions in the single-family homes market, the market outlooks are broadly “moderate” to “very strong” in the next six months, partly because of the seasonal uptick in demand which is also underpinned by sustained job growth and the low cost of obtaining a mortgage.
[1] Respondents were asked “What are your expectations for the housing market over the next six months compared to the current state of the market in the neighborhood(s) or area(s) where you make most of your sales?” The responses for each type of property are compiled into an index. An index of 50 indicates a balance of respondents having “weak” (index=0) and “strong” (index=100) expectations or all respondents having moderate (=50) expectations. The index is not adjusted for seasonality.
[2] The market outlook for each state is based on data for the last three months to increase the observations for each state. Small states such as AK, ND, SD, MT, VT, WY, WV, DE, and D.C., may have fewer than 30 observations. Respondents rated conditions or expectations as “Strong (100),” “Moderate (50),” and “Weak (0).” The responses are compiled into a diffusion index. A diffusion index greater than 50 means that more respondents rated conditions as “Strong” than “Weak.” For graphical purposes, states with index values 25 and lower are labeled “Very weak,” values greater than 25 to 49 are labeled “Weak,” a value of 50 is labeled “Moderate,” values greater than 50 to 75 are labeled “Strong,” and values greater than 76 are labeled “Very strong.”
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