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REALTORS® who view the single family housing market as “strong” still outnumber those who see the market as “weak”, according to data from the July REALTORS® Confidence Index Survey.
In the single family market, the REALTORS® Confidence Index - Current Conditions for single family homes dipped to 60 in July (62 in June). Confidence about the outlook for the next six months was positive although lower than in June. The indexes for townhomes and condominiums continued to register below 50. An index above (below) 50 indicates that more (less) than half of REALTOR® respondents viewed housing conditions as “strong" [1].
Tight inventory, difficulties in obtaining mortgages, and weak job growth were the main concerns reported by REALTORS®. In some areas, uncertainties about flood insurance rates and the increase in property taxes were also cited as adversely affecting sales. FHA condominium accreditation/financing regulations continued to adversely impact condominium sales.
[1] An index of 50 delineates “moderate” conditions and indicates a balance of respondents having “weak”(index=0) and “strong” (index=100) expectations or all respondents having moderate (=50) expectations. The index is calculated as a weighted average using the share of respondents for each index as weights. The index is not adjusted for seasonality effects.
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