Share
The REALTORS® Confidence Index decreased in September 2014 compared to August 2014, according to data from the September REALTORS® Confidence Index Survey: http://www.realtor.org/reports/realtors-confidence-index.
The index for single family homes dipped to 51 (60 in August). The indexes for townhomes and condominiums remained below 50. An index above 50 indicates that there are more respondents who viewed their markets as “strong” or “moderate” compared to those who view them as “weak.” [1]
Respondents noted that the market typically perks up in September after a seasonal slack in preparation for the school opening, but reports indicated a flatter rebound this year. Difficulties in obtaining a mortgage under tighter underwriting standards and the decreased supply of “affordable” homes were the major factors cited by respondents.
[1] An index of 50 delineates “moderate” conditions and indicates a balance of respondents having “weak”(index=0) and “strong” (index=100) expectations or all respondents having moderate (=50) expectations. The index is calculated as a weighted average using the share of respondents for each index as weights. The index is not adjusted for seasonality effects.
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