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Respondents to the latest REALTORS® Confidence Index are reporting a March level of overall confidence that is approximately 5 points below that of a year ago, when there was a tax credit helping the market.
With the expiration of the tax credit, REALTOR® confidence declined. However, now we are seeing higher levels of overall confidence in the Existing Home Sales markets compared to six months ago as the market returns to its normal activity.
REALTORS® are significantly more confident about the single family homes market than is the case for townhouses and condos. Recent comments from REALTORS® have noted that there are more financing, home owner association, vacancy, and rental issues associated with condos and townhouses than is the case for single family homes.