Jed Smith and Gay Cororaton
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.
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
bank conditions and long creditapproval process
“extremely low inventory and multibidding”,
“lack of comparables
” 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.
There were 3,003 respondents to the September survey, which was sent to approximately 50,000REALTORS