Confidence about current market conditions and in the outlook for the next six months rose in February based on information gathered in the February REALTORS® Confidence Index (RCI) Survey (http://www.realtor.org/reports/realtors-confidence-index). REALTORS® generally mentioned strong buyer demand and improving prices amid tight inventory and restrictive credit conditions.
Examples of improving residential markets are delineated in detail in the RCI Report.
- Eighty three percent of REALTORS® reported constant or higher prices in January compared to a year ago.
- Median days on market for all sales was reported at 74 days in January compared to 97 days a year ago.
- Thirty-three percent of respondents reported time on market at less than 1 month when sold.
- Ninety-two percent of REALTORS® reported that they expect constant or higher prices in the next 12 months.
Distressed sales were at 25 pecent of market, down from 34 percent a year ago.