If realtor sentiment is any indication, the next six months should be good for American housing markets. According to the National Association of Realtors’ recent REALTORS Confidence Index (RCI) survey, the majority of Realtors expect market conditions to improve in the coming months.
Realtor confidence up
NAR’s RCI survey gathered data from more than 2,000 Realtors across the U.S. on confidence levels, market conditions and recent sales trends. Regarding the six-month outlook on single-family, detached properties, the Realtor confidence level registered at 65. According to NAR, anything above a 50 “indicates mortgage conditions are expected to improve.”
Realtors were also more confident about buyer and seller traffic. Indices on both ticked up over the year, rising two points and one point, respectively.
Stats back up their rising confidence, too. According to the survey, 73 percent of contracts settled on time last month — up from 63 percent a year prior. And days on the market? Those improved, too. The average property was listed for just 34 days in September, compared to 38 days last year.
The No. 1 factor holding the market back, according to the survey, was low inventory. Some Realtors also voiced concerns about the impact of Hurricanes Harvey and Irma on the Texas and Florida markets.
Housing markets: buyer and seller stats
NAR’s survey also revealed some interesting tidbits about who’s buying and selling today’s inventory — and how.
According to its findings, 20 percent of all sellers offered some sort of incentives to buyers. These included things like paying closing costs, completing a remodeling project, providing a warranty and including appliances.
Nearly a third of all sales in September were from first-timers, and 15 percent were vacation and investment home buyers. One-fifth of all buyers paid for their home in cash.
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The market is on the up and up – and according to realtors, it’s only going to get better. Want to take advantage? Shop around for the best mortgage rate today.