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REALTORS® generally reported “strong” demand amid “weak” supply conditions in their local markets in the August 2015 REALTORS® Confidence Index Survey.[1]
The REALTORS® Buyer Traffic Index registered at 60 (62 in July 2015; 55 in August 2014). Buyer traffic is seasonally slower in August than in July, with the start of the school season.
Inventory remained tight, with more respondents reporting “weak” than “strong” seller traffic. The REALTORS® Seller Traffic Index was essentially unchanged at 45 (46 in July 2015; 45 in August 2014). While the construction of new privately owned housing units improved to 1.1 million units as of the second quarter of 2015, the figure is still short of the normal 1.5 million units required by household formation and the replacement of obsolete housing. Moreover, about 40 percent of new construction is of multi-unit structures, generally for rental use. REALTORS® reported low inventory of properties in the lower price range and for those that are move-in ready.
[1] Respondents were asked “How do you rate the past month's traffic in the neighborhood(s) or area(s) where you make most of your sales?” The responses were “Strong”, “Moderate,” and “Weak.”
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