by Jed Smith, Managing Director, Quantitative Research
February 27, 2015
Local markets broadly picked up across all property types in January 2015 compared to December 2014, although activity was more modest compared to a year ago, according to the January 2015 REALTORS® Confidence Index Survey.
The indexes for the REALTORS® Confidence Index-Current Conditions across property types rose in January 2015 compared to December 2014. The index for single-family homes was 58 (51 in December 2014; 60 in January 2014). The indexes for townhomes and condominiums also improved, although they are still below 50.
REALTORS® reported that the decline in the 30-year fixed mortgage rate to less than 4 percent since October 2014 has attracted buyers, but there is not enough housing inventory supply, especially for “affordable” and “fresh” listings. At the local level, REALTORS® in states adversely affected by the harsh winter such as Massachusetts, Pennsylvania, and Illinois reported market slowdowns.