REALTORS CONFIDENCE INDEX

Report and Market Outlook October 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

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 Transactions Compared to a Year Ago .......................................................................................................................... 8 Eighty-seven Percent of Responding REALTORS Expect Constant or Higher Residential Prices in the 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 AppraisalsA Continuing Problem ....................................................................................................... 20 IV. Comments: Straight from the REALTORS ....................................................................................... 21 V. NAR Recent Articles ............................................................................................................................. 24 Americas Resiliency After Natural Disasters ........................................................................................ 24 Housing Starts, Mortage Purchase Applications..................................................................................... 26 Appendix. RCI Historical Data ................................................................................................................... 27

SUMMARY
Jed Smith and Gay Cororaton The REALTORS Confidence Index (RCI) report provides monthly information pertaining to expectations about overall market conditions, buyer/seller traffic, price, buyer profiles, and issues affecting real estate. The October edition is based on responses of about 3,000 REALTORS to a survey conducted during October 22 through November 5, 2012.1 All real estate is local: conditions in specific markets may vary from the overall national trends presented 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 and condominiums although the indexes are still below 50. Many REALTORS expressed dissatisfaction about rigid bank conditions and long credit approval 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 on the potential adverse effecst and uncertainties associated with the implementation of DoddFrank and on a variety of economic and tax issues.

There were 3,003 respondents to the September survey, which was sent to approximately 50,000 REALTORS.

The buyer traffic index slightly rose to 54 while the seller traffic index continued to drop to 37 from a peak of 42 last year. Inventory has been generally tight, as REALTORS reported that sellers continue to hold back, waiting for prices to rise further or for better valued appraisals.

The tight inventory of homes for sale has strengthened prices, with 73 percent of REALTORS reporting constant or increasing prices compared to the same time a year ago, and 87 percent of REALTORS expecting constant or rising prices in the next 12 months.

The median days on the market was at 71 days in October. Median days have hovered at this level since the May. REALTORS continue to report about the long mortage process.

Market Outlook The Six Month Outlook Confidence Index rose across all properties. The single family sales index is now at 58, reflecting above moderate market conditions. The six-Month Outlook Confidence Index for townhouses and condos also improved.

NARs latest economic projection is for continued increases in residential home sales along with continued price improvement (although sales and price trends will vary from market to market). Existing home sales are projected to expand to 4.6 million in 2012 ( 5 million in 2013). Housing starts are projected to rise to 776,000 in 2012 (1.12 million in 2013). New home sales are projected at 368,000 in 2012 ( 575,000 in 2013). The median price for existing home sales is forecasted at $176,100 in 2012 ($185,200 in 2013). Shadow inventory is still high, but it is about 1 million fewer homes than two years ago and is anticipated to steadily diminish over time. Decreases in months of inventory of homes for sale and a decline in percentages of existing home sales that are distressed are projected to continued market improvement.

The forecast is based on an economy expected to grow at 2.1 percent in 2012 (2.5 percent in 2013) and with 30-year mortgage rates at 3.7 percent (4.0 percent in 2013) . Economic Uncertainties The potentially adverse economic effects of the fiscal cliff(expiration of Bush tax cuts, mandated spending cuts, and increased taxes in the absence of legislative action) are both political and economic issues: potentially major economic impacts that are impossible to forecast. Similarly, the slowdown in economic growth in the Euro countries and the possibility of recession in Europeare are major downside risks.

What Does This Mean For REALTORS? The real estate market continues to recover both in terms of sales and price. Continued restrictive mortgage availability with tight underwriting standards is a problem, but REALTORS report that loans are frequently available at smaller banks and credit unions. Making sure that appraisers are qualified and that appropriate comps are used are important. Finally, tight inventories are making markets increasingly competitive.

I. Market Conditions
REALTORS Confidence Index Is Up in October The 6-month outlook confidence index is higher than the current confidence index across all properties, indicating that REALTORS expect better times for at least the next 6 months. The current confidence index is essentially unchanged for single-family homes and is slightly up for townhouses and condomiumiums.

Seventy three Percent of REALTORS Reported Constant or Higher Prices on Recent Transactions Compared to a Year Ago Home prices continue to firm up as demand for existing home sales is reported to be increasing faster than the supply of available homes. About 31 percent of REALTORS reported constant home prices while 44 percent reported rising prices . As the graph below shows, there are increasingly more REALTORS reporting rising prices compared to year ago level since the March 2012 survey. Many REALTORS noted a significant increase in multibidding on properties, especially for lower priced houses .

Eighty-seven Percent of Responding REALTORS Expect Constant or Higher Residential Prices in the Next 12 Months Eighty-seven percent of respondents reported the expectation of constant or higher prices in the next year. The median expected price change in the next 12 months is 3.24 percent.

Thirty-Two Percent of Houses Sold in One Month Time on the market for a property to sell has been declining. Approximately a third of REALTORS noted that recently sold properties were on the market for less than a month when sold, and 58 percent were sold within 3 months. The percentage of REALTORS reporting that the house sold had been on the market for 6 months or more is down to 20 percent from 28 percent a year ago.

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Median Days on Market at 71 Days The median days on market in October was 71 days, down from 102 days a year ago. Although the short sale process is still viewed as protracted, short sales were at a median 91 days on market, significantly down from 124 days in the same period last year. Foreclosures were at 57 median days on market in October, slightly down from 63 days last year.

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Distressed Sales Account for 25 Percent of Sales About a quarter of respondents reported selling distressed property (foreclosed and short sales), down substantially from what had been the case a year or two ago. Cash sales accounted for roughly 41 percent of distressed sales (40 percent in September 2012).

Distressed Real EstateBelow Market Prices Distressed properties typically sell below the market price of similar property in nondistressed condition. The level of discount fluctuates depending on sales location, type of property, and property condition. Foreclosed property sold on the average at a 20 percent discount, while shortsale properties sold at a 14 percent average discount.

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Property Condition Affects the Selling Price of Distressed Properties The discount to market experienced by distressed property is affected by the propertys physical condition. Well maintained properties tend to sell at a lower discount than is the case for properties in poor condition. The un-weighted average price discounts to market are presented for the current survey month as well as the 12 month period from November 2011 through October 2012. REALTOR respondents reported price discounts for distressed houses with above average condition at about 13 15 percent, and price discounts from 17-62 percent for the properties in the poorest condition.

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II. Buyer and Seller Characteristics

Cash Sales: 29 Percent of Residential Sales Approximately 29 percent of REALTORS reported making cash sales in October, relatively unchanged since last year . REALTORS reported that cash buyers are primarily investors and international buyers, edging first time home buyers needing to secure a mortgage. Only about 10 percent of first-time homebuyers pay cash.

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First Time Buyers: 31 Percent of Residential Buyers Approximately 31 percent of responding REALTORS reported making a sale to first time home buyers (32 percent in September). Normally first time buyers are in the neighborhood of 40 percent of total residential sales, according to NARs Profile of Home Buyers and Seller. The proportion of first-time homebuyers hit a peak of approximately 50 percent in 2009. Most first time buyers obtain a mortgage: About 10 percent of REALTORS who made a first time home buyer sale reported a cash sale (compared to 11.4 percent in September). The decrease in first time buyers from the typical 40 percent share in part reflects the difficulty of securing mortgage financing, delays with distressed sales, and purchases of lower priced properties by investors. REALTORS have noted that that investors offering all-cash sales to sellers have crowded out first-time buyers in some cases, particularly in the case of distressed properties.

Buyers Due to Relocation/Job Changes: 13 Percent of Residential Market REALTORS reported that 13 percent of residential sales were to buyers for relocation purposes, i.e., a job move, retirement, etc. About 17 percent of REALTORS who made a sale to a relocation buyer reported a cash sale (unchanged from September).

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Residential Sales to Investors: 20 Percent of Residential Market REALTORS reported that investors accounted for 20 percent of total residential sales in October (18 percent from September). Approximately 69 percent of respondents who reported a sale to an investor reported a cash sale (compared to 74 percent in September ).

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Second Home Purchases: 12 Percent of Residential Market Second home sales accounted for 12 percent of responses (same since August). Approximately 47 percent of second home sales were for cash (same as in September).

International Transactions: Two Percent of Residential Market Approximately 1.9 percent of REALTORS reported sales of U.S. residential real estate to foreigners not residing in the U.S. Approximately 67 percent of respondents who reported transactions with international clients reported cash sales (80 percent in September).

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Thirty-seven Percent of Sales with Mortgages Had Down Payments of 20 Percent or More Approximately 36 percent of mortage sales involved a down payment of 20 percent or more (compared to 35 percent in September). Down payments of 11-19 percent were at 5 percent.

Fifty-one Percent of Responding REALTORS Report Rising Rents for Residential Properties Higher residential rents compared to a year ago were reported by 51 percent of responding REALTORS in October (57 percent in September) .

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III. Current Issues

Tight Credit Conditions and Slow Lending Process One of the most frequent comments by REALTORS was a concern over unreasonably tight credit conditions. Respondents indicated that credit conditions continue to be too tight, that lenders are taking too long in approving an application, and that information and documentation required by lenders is excessive. Respondents expressed frustration that some financial institutions appear to lend only to individuals with the highest levels of credit scores. There appears to be an unnecessarily high level of risk aversion. In the 2001-04 time framea time of normal residential real estate markets before the Great Recession-approximately 40 percent of Fannie Maes and Freddie Macs loans went to applicants with credit scores above 740. In contrast, REALTORS responding to the RCI survey indicated that over 50 percent of loans went to borrowers with credit scores above 740 in September, including Fannie, Freddie, and other lenders. In the case of Fannie and Freddiewhich are now a smaller part of the marketin 2011 approximately 75 percent of loans had credit scores of 740 and above. Estimates by NAR economists have indicated that an additional 500,000 to 700,000 additional sales could be made if credit conditions returned to normal. This increased level of sales activity could generate an additional 250-350 thousand additional jobs on an annual basis, because existing home sales generate jobs across a wide spectrum of the economyi.e., attorneys, painters, plumbers, landscapers, title companies, furniture manufacturers, etc. These are jobs that could be generated at no cost and almost immediately.

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The meaning for REALTORS is clear: In many cases lenders are not making loans to potential buyers with less than perfect credit scores. A potential home buyer who is rejected by one bank or financial institution should try, try, try again at a different financial institution. Rejection of a loan application may be more indicative of the financial state of the lending institution than of the applicants credit worthiness. There are a variety of potential lending sources in addition to large banks and mortgage brokers. For example, a number of REALTORS noted that regional and community banks and credit unions could be good potential alternative sources of mortgages. AppraisalsA Continuing Problem Appraisals continued to be a problem in moving transactions to closure. Many REALTORS expressed frustration that reported appraisal values are not keeping pace with the appreciation in market values. In some cases REALTORS reported that appraisers were using foreclosures as compswhich they clearly are not. REALTORS also reported encounters with out-of-town appraisers who have little knowledge of the neighborhood/local conditions. REALTORS also expressed frustration at the slow turn around time from appraisers and appraisal requirements that are an uncessary expense on the buyer. Thirty-four percent of REALTORS reported having had a problem with an appraisal in the past 3 months (35 percent in September). Approximately 10 percent of the respondents reported that appraisal problems led to contract cancellation; 10 percent reported a delay as a result of an appraisal problem, and 14 percent reported that the appraisal problems led to lower prices.

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IV. Comments: Straight from the REALTORS

Jed Smith, Manager, Quantitative Research REALTORS mentioned low inventories of available homes for sale, tight financing conditions, slow approval processes, appraisal issues, and uncertain economic conditions as impacting the housing markets. 1. Low Inventory/multiple bidding Inventory remains very tight, resulting in multi-bidding in some cases. REOs do not appear to be coming sufficiently to meet demand, while sellers are also waiting for prices to pick up further. Listings for properties that are in good condition receive multiple offers. Investors are snapping up REOs, paying cash. Here are few direct quotes: I feel that the price of housing is going up due to the lack of inventory that is available, once the banks start releasing more property's I feel that it will become a more stable market and the bidding war will end!! Inventory still down, sellers waiting for prices to go up if they can; rental market is way up, prices too. Buyers want properties in A1 condition. Investors are out there & will do the work to get property in A1 condition but only at a rock bottom price. Foreign investors focused on foreclosures make up most of our potential buyers. All entry level single family homes are multiple offer. Many homes are sold to investors prior to reaching the MLS, then within hours of listing on the MLS, it changes from active to under contract.

2. Tight Financing/credit Access to financing remains tight, so cash buyers, who are typically investors, are winning the bids against first-time homebuyers. There are reports that banks are asking for higher credit scores, with a report of a bank rejecting a score of as high as 800. It also appears that selfemployment can be a problem in obtaining a mortgage. The mortgage application process continues to be deemed as too drawn out to the point of thwarting or jeopardizing the sale. There is also lack of assistance for helping current homeowners who are slightly delinquent to modify keep their homes.

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Banks are ignoring settlement dates and can't even give you a reason for a delay. There is no accountability on their end of the transaction. Three settlements in October were delayed due to lender issues. 1st time buyers finding it difficult to qualify for loans I had two buyers with over 800 credit score and the bank would not loan. They ended up paying cash and looking for a loan after the closing. The lack of assistance from the mortgage companies for helping current home owners modifying their loan due to being underwater or slight delinquency to help them stay in their homes!!!! Cash buyers are winning bids. FHA buyers hardly have a chance. Concerned about purchases by investor groups - hundreds of homes purchased from Fannie/Freddie - basically no information forthcoming regarding this - concerned about what effect this will have long term in our area - are we going to have no "real" home owners for years to come? Not a good plan - list with realtors, to be purchased by home owner.

3. Appraisal issues Unrealistically low appraisal values continue to jeopardize sales. Appraisal values are in some cases affected by REOs which are used as comparable properties. Also, there continue to be reports of appraisers as having poor knowledge of local conditions as they come from outside areas ( as far as 100 miles according to one REALTOR). Appraisals and BPO values are likely low because of the sort of comps that are available on the market. REO properties and lower value sales comprise the bulk of market activity which in turn leads to low appraisal and BPO values. Appraisals are definitely a problem. We are in a Vacation, second home area and we are getting appraisers from 100's of miles away to appraise Lake Property. They don't understand the values. Buyers are coming in with cash to close the gap between low appraisals and sellers sticking to their house price.

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4. Weak economy and policy uncertainty The weak job market continues to be a drag , given the dependence of credit scores on employment conditions. Policies that are seen to adversely affect the real estate market next year are the fiscal cliff and associated taxes and policies, and potentially regulations from the implementation of Dodd-Frank. Job loss is still causing even the recent HARP homes to now start showing up in short sale and foreclosure market. Concerned with new Obama tax on sale of real estate. His new 3.5percent tax was slipped in under the guise Of the Obama care health bill. The fear of sequestration is very real in Northern Virginia. The Dodd-Frank bill is causing chaos with buyers and sellers. Something has got to change!

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V. NAR Recent Articles

Americas Resiliency After Natural Disasters Lawrence Yun, Chief Economist After Superstorm Sandy, one thing is assured: the impacted regions will rebuild, create jobs, and become stronger. That has always been the American way. The U.S. housing market peaked in 2005 and then started to fall steeply. However, New Orleans was one of the very few markets with rising housing starts in 2006 and 2007 because of the need to rebuild after Hurricane Katrina. Although a tragic occurrence jobs were created as a result, albeit off of low levels after nearly one million people had left the area in the days after the Katrina disaster. Over time New Orleans eventually succumbed to the broader national trends of economic recession and the subprime mortgage crisis. But the immediate years after Hurricane Katrina were growth years. Similarly, tornadoes devastated Joplin, Missouri last year. The silver lining of that devastation is that today, there are more jobs in Joplin (80,900 payroll jobs) than before the tornado hit (79,500) from the need to rebuild the community. Given what appears to be no sizable permanent relocation of people from Sandy, unlike the case in New Orleans and more like the case of Joplin, the Mid-Atlantic impacted region is more likely to get back on their feet sooner. The need to rebuild will help create new jobs in the process.

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Housing Starts, Mortage Purchase Applications Ken Fears, Manager, Regional Economics

There were two positive news releases for the housing market this morning; housing starts were up along with purchase applications for mortgages. Single-family starts rose 11.0 in September over the August figure and 42.3% higher than a year ago. The August number was also revised upward and permits for new construction of single-family units rose 7.6% in September. The single family construction numbers are a positive sign for the market as they suggest that homebuilders feel confident in low inventories and are willing to delve back into the market despite tight financing that often requires self-funding of projects. While construction is up, the 603,000 single family units started in September (seasonally adjusted at annual rates) was well below the 1.15 million units averaged annually from 1980 to 2007. The purchase portion of the weekly mortgage applications index rose 1% on the heels of a 2% increase last week. The refinance component fell 5% after a 2% decrease last week. Purchase applications are headed in the right direction, but at low levels. Lenders have complained of high refi volumes taxing their processes, so the decline on that side of the business should help homebuyers. It may also help to reduce the spread between banks cost of capital and the rates that they loan at as a decline on the refi side would help to heat up competition for borrowers, passing on more the impact of QE3 to homebuyers. Construction is up, which is a good sign of the sustainability of the low inventory levels which have driven price growth and buyer confidence. In addition, growth of mortgage applications suggests that demand should remain robust through the end of the year and we may see some further improvement in rates to draw buyers out during the winter months. However, lending conditions remain tight and an improvement on this front, hopefully with clarification on Basel III and Dodd-Frank (QM and QRM) as we approach January, should help to unlock more demand.

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Appendix. RCI Historical Data

REALTORS Confidence Index Survey National Association of REALTORS As of October 2012
Median Days on the Market

REALTORS Confidence Index (RCI)

Traffic Index

Year/Month 200801 200802 200803 200804 200805 200806 200807 200808 200809 200810 200811 200812 200901 200902 200903 200904 200905 200906 200907 200908 200909 200910 200911 200912 201001 201002 201003 201004 201005 201006 201007 201008 201009 201010 201011 201012 201101 201102 201103 201104 201105 201106 201107 201108 201109 201110 201111 201112 201201 201202 201203 201204 201205 201206 201207 201208 201209 201210

Single Family Townhouse Condominium Current 6-Month Current 6-Month Current 6-Month Conditions Outlook Conditions Outlook Conditions Outlook 27 38 16 23 14 19 27 38 17 24 15 21 29 39 19 25 15 21 28 37 19 25 16 22 31 38 21 26 17 23 29 37 20 23 18 21 29 33 20 22 17 19 26 33 18 22 15 20 25 28 16 19 14 16 22 29 14 19 12 17 21 31 13 20 12 17 19 28 11 17 10 14 23 34 13 20 11 18 25 35 14 22 12 18 28 40 15 23 12 19 33 45 18 27 14 22 34 44 20 27 16 23 35 43 18 24 14 19 34 40 18 22 14 18 38 42 21 24 16 20 35 41 19 22 15 19 34 39 17 22 13 17 35 41 19 23 15 18 33 42 15 23 13 19 36 43 18 24 14 18 35 43 18 23 14 19 36 42 18 22 14 18 35 38 19 22 14 17 36 40 19 22 17 19 27 29 14 14 11 12 24 27 11 13 10 11 23 26 12 13 10 11 21 25 12 15 9 11 23 26 9 13 8 11 23 28 11 15 10 13 25 32 13 18 10 15 27 37 13 19 10 15 30 37 14 19 12 17 32 39 17 22 14 18 32 39 16 20 14 17 33 38 18 22 15 18 31 34 16 19 14 16 31 33 17 19 14 17 31 32 17 18 14 15 29 30 17 18 14 15 30 32 18 20 14 16 30 36 19 22 15 18 32 40 19 24 14 19 37 46 23 29 18 23 43 52 26 32 21 27 49 57 30 36 25 31 50 55 31 36 25 30 57 62 36 41 29 34 58 61 38 42 31 36 54 56 35 38 29 32 54 56 35 38 30 34 53 56 36 39 29 33 53 58 36 41 31 36

Buyer Traffic

Seller Traffic

Price Expectation for Next 12 Months As % of REALTORS Who Expect Constant/Rising Prices

Rent Trends As % of REALTORS Who Expect Rising Rents

31 31 35 30 34 31 31 33 28 27 26 25 32 36 39 44 44 43 41 45 41 39 38 37 41 41 42 41 37 27 26 24 23 23 25 27 30 33 37 37 37 33 34 32 30 33 33 36 44 51 55 55 55 54 54 55 53 54

58 57 56 56 55 57 54 52 48 46 42 46 45 46 48 48 48 46 47 47 47 44 43 43 44 46 47 44 43 42 40 40 41 38 37 36 37 41 41 42 42 41 40 38 36 36 35 37 39 40 41 41 41 40 40 40 38 37

48% 44% 40% 45% 46% 57% 65% 65% 64% 64% 72% 70% 69% 70% 67% 66% 65% 65% 68% 67% 58% 55% 53% 49% 50% 52% 59% 56% 60% 58% 59% 59% 54% 55% 54% 53% 58% 57% 62% 67% 73% 78% 81% 83% 86% 85% 87% 88% 87%

39% 42% 44% 46% 48% 55% 52% 49% 50% 47% 51% 47% 49% 47% 51% 53% 52% 54% 54% 57% 55% 57% 51%

96 97 98 92 101 96 98 99 99 97 91 83 72 70 69 70 70 71

/1 In the RCI Survey,a sale refers to the REALTOR's last closed or completed sale/transaction for the reference month. Prepared by the Research Division. For querries, please contact the Research Division c/o Dr. Jed Smith, Manager, Quantitative Research.

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REALTORS Confidence Index Survey National Association of REALTORS *

As of October 2012

Distressed Sales /1 Total Short Sale Distressed As % of Sales As % Sales of All Sales Mean Price Discount of Foreclosed Property Sales Mean Price Discount of Shortsale Property Sales

Financing

Type of Buyer As % of All Buyers /1

Appraisal

Foreclosed As % of Sales Year/Month 200801 200802 200803 200804 200805 200806 200807 200808 200809 200810 200811 200812 200901 200902 200903 200904 200905 200906 200907 200908 200909 200910 200911 200912 201001 201002 201003 201004 201005 201006 201007 201008 201009 201010 201011 201012 201101 201102 201103 201104 201105 201106 201107 201108 201109 201110 201111 201112 201201 201202 201203 201204 201205 201206 201207 201208 201209 201210

All Cash % of Mortgage Sales Sales as % of with at least 20 % All Sales Downpayment

Firsttime Buyer

Investor

As % of Second International REALTORS Facing home Relocation Buyer Appraisal Issues

23% 25% 27% 28% 30% 31% 29% 21% 20% 20% 18% 19% 18% 21% 22% 24% 23% 24% 21% 19% 17% 22% 22% 23% 23% 22% 24% 24% 26% 27% 24% 20% 18% 17% 19% 18% 17% 19% 19% 22% 20% 18% 17% 15% 13% 12% 12% 13% 12%

11% 12% 13% 13% 18% 18% 17% 12% 11% 11% 12% 10% 12% 12% 10% 14% 12% 12% 12% 12% 15% 10% 12% 12% 11% 11% 12% 13% 13% 13% 13% 11% 12% 12% 12% 12% 11% 10% 13% 13% 14% 11% 11% 10% 12% 12% 10% 11% 12%

34% 37% 40% 41% 48% 49% 45% 33% 31% 31% 31% 29% 30% 33% 32% 38% 35% 35% 33% 31% 32% 32% 34% 35% 34% 33% 36% 37% 39% 40% 37% 31% 30% 29% 31% 30% 28% 29% 32% 35% 34% 29% 28% 25% 25% 24% 22% 24% 24%

19% 23% 14% 21% 21% 21% 21% 21% 19% 21% 18% 15% 22% 21% 21% 19% 19% 19% 19% 19% 22% 20% 20% 22% 22% 19% 20% 21% 20% 21% 20% 22% 20% 19% 22% 21% 22% 19% 21% 18% 18% 17% 19% 21% 20%

19% 21% 14% 17% 15% 17% 16% 17% 18% 16% 15% 17% 19% 19% 19% 14% 12% 12% 12% 15% 14% 17% 16% 15% 15% 11% 17% 17% 16% 15% 16% 15% 14% 14% 13% 19% 16% 16% 14% 14% 15% 15% 13% 13% 14%

15% 24% 16% 18% 30% 30% 20% 12% 13% 19% 20% 21% 20% 19% 22% 26% 27% 27% 26% 25% 24% 30% 28% 29% 29% 31% 29% 32% 33% 35% 31% 30% 29% 29% 29% 30% 29% 28% 31% 31% 33% 32% 29% 28% 29% 27% 27% 28% 29%

34% 32% 37% 36% 34% 35% 34% 34% 36% 35% 32% 34% 33% 37% 36% 34% 37% 35% 36%

32% 27% 30% 38% 51% 53% 40% 47% 45% 31% 46% 49% 50% 51% 43% 40% 42% 44% 49% 46% 43% 38% 31% 32% 32% 32% 33% 29% 34% 33% 36% 36% 31% 32% 32% 32% 34% 35% 31% 33% 32% 33% 35% 34% 32% 34% 31% 32% 31%

14% 20% 14% 14% 25% 24% 18% 14% 14% 9% 12% 13% 14% 12% 15% 17% 19% 19% 15% 14% 13% 19% 21% 18% 19% 19% 20% 23% 19% 22% 20% 19% 19% 18% 22% 19% 18% 19% 21% 23% 23% 21% 20% 17% 19% 16% 18% 18% 20%

11% 12% 10% 13% 10% 14% 13% 13% 13% 14% 13% 11% 12% 12% 10% 13% 13% 12% 11% 12% 11% 12% 11% 12% 12% 12%

13% 14% 14% 15% 15% 15% 15% 14% 14% 13% 11% 12% 13% 15% 15% 15% 16% 14% 13%

3% 2% 2% 1% 2% 2% 2% 2% 3% 3% 2% 3% 4% 3% 3% 3% 3% 2% 3% 2% 2% 2% 2% 2% 2% 2% 3% 2% 2% 2% 2% 2%

39% 39% 39% 42% 42% 39% 41% 40% 39% 35% 35% 33% 34% 35% 35% 32% 32% 33% 31% 35% 36% 34% 32% 30% 31% 32% 33% 35% 34% 36% 35% 34%

/1 In the RCI Survey,a sale refers to the REALTOR's last closed or completed sale/transaction for the reference month. Prepared by the Research Division. For querries, please contact the Research Division c/o Dr. Jed Smith, Manager, Quantitative Research.

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