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In April 2015, more REALTORS® were confident about the outlook for all property types in the next six months than they were in March and a year ago[1], according to the April 2015 REALTORS® Confidence Index Survey. The April 2015 report is based on the responses of 2,012 REALTORS® about local market conditions in April.
For the third month in a row, the index rose above 50 for all property types. An index greater than 50 indicates that the number of respondents with “strong” outlook outnumbered those with “weak” outlook. In the single family market, the REALTORS® Confidence Index - Six-month Outlook rose to 76 (75 in March 2015; 68 in April 2014). The index for townhomes rose to 58 (56 in March 2015; 49 in April 2014), while the index for condominiums increased to 52 (51 in March 2015; 46 in April 2014).
The seasonal uptick in market activity during spring and summer, low interest rates and a sustained growth in jobs, and recent measures to lower the cost of borrowing and make credit more available (e.g, lower FHA mortgage insurance, 3 percent down-payment for GSE-backed loans) are likely underpinning the improved market confidence.
[1] Respondents were asked “What are your expectations for the housing market over the next six months compared to the current state of the market in the neighborhood(s) or area(s) where you make most of your sales?”
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