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In June 2015, REALTORS® were by and large “strongly confident” about the outlook over the next six months compared to a year ago, according to the June 2015 REALTORS® Confidence Index Survey Report.[1]
The maps show the REALTOR® Confidence Index Six-Month Outlook across property types by state.[2] In the case of single-family homes, all states registered an index greater than 50, which means that the number of respondents who had a “strong” outlook outnumbered those with “weak” outlook. Despite the drop in oil prices, the real estate market remained “very strong” in states with significant oil/shale industries such as North Dakota, Texas, Alaska, and Oklahoma where the indices were above 75.
In the case of townhomes and condominiums, the outlook over the next six months was “very strong” in Colorado, Wyoming, and Nebraska. The outlook for home buying activity for condominiums and townhomes was “strong” in California, Oregon, and Washington where technology-related jobs have been growing robustly. REALTORS® continued to have “strong” outlook in Texas despite the slump in oil prices. In Virginia and West Virginia, the levels of confidence were broadly “moderate.” Among all property types, the condominium market is the weakest, with REALTORS® reporting about condominium financing issues for both FHA-insured and the GSE-backed loans.[3]
[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?”
[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 less than 30 observations.
[3] FHA and the GSEs have financing eligibility criteria relating to ownership occupancy requirements, delinquent dues, project approval process, and use for commercial space. See the Statement of NAR Submitted for the Record to the Senate Committee Housing and Banking Affairs on December 9, 2014 at http://www.ksefocus.com/billdatabase/clientfiles/172/1/2180.pdf
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