REALTORS® Confidence Index
The REALTORS® Confidence Index is a key indicator of housing market strength based on a monthly survey sent to over 50,000 real estate practitioners. Practitioners are asked about their expectations for home sales, prices and market conditions. In addition, the "Questions of the Month," feature results of a timely aspect of the housing market.
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- First-time homebuyers accounted for 33 percent of sales, up from 31 percent one year ago. This is the fifth straight month that the share registered above 30 percent.
- Sustained job creation and continued low mortgage rates continue to create a more favorable environment for homebuyers, but they are facing a lack of supply and mortgage rate increases in early November may test buyers in the months ahead.
- Nationally, amid tight supply, half of properties that sold in October 2016 were on the market for 41 days or less compared to 57 days one year ago. -With demand for properties outstripping supply, 40 percent of properties sold at or above the original listing price.
- Lack of supply, especially at the lower price range, and appraisal delays due to a shortage of appraisers were the main issues reported by REALTORS®.