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1
REALTORS® CONFIDENCE INDEX
Report and Market OutlookOctober 2012 Edition
Based on Data Collected October 22 through November 5, 2012
 
NATIONAL ASSOCIATION OF REALTORS®
Research Department
Lawrence Yun, Senior Vice President and Chief Economist
 
2
Table of Contents
SUMMARY
.................................................................................................................................................. 3
Current Conditions: Major Indicators
...................................................................................................... 3
Market Outlook 
......................................................................................................................................... 5
I. Market Conditions
.................................................................................................................................... 7
REALTORS® Confidence Index Is Up in October
.................................................................................. 7
Seventy
 – 
three Percent of REALTORS® Reported Constant or Higher Prices on Recent TransactionsCompared to a Year Ago
.......................................................................................................................... 8
Eighty-seven Percent of Responding REALTORS® Expect Constant or Higher Residential Prices inthe Next 12 Months
................................................................................................................................... 9
Thirty-Two Percent of Houses Sold in One Month
................................................................................ 10
Median Days on Market at 71 Days
........................................................................................................ 11
II. Buyer and Seller Characteristics
............................................................................................................ 14
Cash Sales: 29 Percent of Residential Sales
.......................................................................................... 14
Buyers Due to Relocation/Job Changes: 13 Percent of Residential Market
........................................... 15
Residential Sales to Investors: 20 Percent of Residential Market
.......................................................... 16
Second Home Purchases: 12 Percent of Residential Market
.................................................................. 17
International Transactions: Two Percent of Residential Market
............................................................. 17
Thirty-seven Percent of Sales with Mortgages Had Down Payments of 20 Percent or More
............... 18
Fifty-one Percent of Responding REALTORS® Report Rising Rents for Residential Properties
......... 18
III. Current Issues
........................................................................................................................................ 19
Tight Credit Conditions and Slow Lending Process
............................................................................... 19
Appraisals
 — 
A Continuing Problem
....................................................................................................... 20
IV. Comments: Straight from the REALTORS®
....................................................................................... 21
V. NAR Recent Articles
............................................................................................................................. 24
America’s Resiliency After Natural Disasters
........................................................................................ 24
Housing Starts, Mortage Purchase Applications
..................................................................................... 26
Appendix. RCI Historical Data
................................................................................................................... 27
 
3
SUMMARY
Jed Smith and Gay Cororaton
The
 REALTORS® Confidence Index (RCI)
report provides monthly informationpertaining to expectations about overall market conditions, buyer/seller traffic, price, buyerprofiles, and issues affecting real estate. The October edition is based on responses of about3,000 REALTORS® to a survey conducted during October 22 through November 5, 2012.
1
Allreal estate is local: conditions in specific markets may vary from the overall national trendspresented in this report.
Executive Summary--Current Conditions: Major Indicators
 
The current confidence index for single family homes remains essentially unchanged at 53,indicating that more REALTORS ® view current conditions as above moderate (an index of 50 means moderate expectations). Meanwhile, the index continues to rise for townhouses andcondominiums although the indexes are still below 50.
 
Many REALTORS® expressed dissatisfaction about
“rigid
bank conditions and long creditapproval process
”
,
“extremely low inventory and multibidding”,
and
“lack of comparables
for appraisals.
” The weak job market and policy uncertainty prior to the November elections
were also seen as factors that weighed down the market. REALTORS® also commented onthe potential adverse effecst and uncertainties associated with the implementation of Dodd-Frank and on a variety of economic and tax issues.
1
There were 3,003 respondents to the September survey, which was sent to approximately 50,000REALTORS
®
.
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