The August 2011 Realtors® Confidence Index survey reports that housing market indicators were basically unchanged in August:
- Distressed property sales continued in the low 30 percent range, moving from 29 percent of residential sales in July to 31 percent in August.
- The percentage of homes on the market for six months or more fell from 30 percent in July to 26 percent in August.
- Rising apartment rents were reported by 50 percent of Realtors®.
- 54 percent of Realtors® projected constant or rising prices for the forthcoming year, down from 55 percent in July.
- Overall Realtor® confidence in current single family market conditions was basically unchanged, falling to 31 from 31.3 in July.
Implications for Realtors®: Despite the negative economic news and major drop in consumer confidence in August, market indicators for the residential real estate markets remained approximately constant. This shows some potential underlying strength in the residential markets—suggesting that we are near the bottom if we can get some economic expansion.