DECEMBER 21, 2016
The REALTORS® Confidence Index is a key indicator of housing market strength based on a monthly survey sent to over 50,000 real estate practitioners. Practitioners are asked about their expectations for home sales, prices and market conditions. In addition, the “Questions of the Month,” feature results of a timely aspect of the housing market.
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- First-time homebuyers accounted for 32 percent of sales, up from 30 percent one year ago. This is the sixth straight month that the share registered above 30 percent.
- Sustained job creation has created a favorable environment for homebuyers, but they are facing a lack of supply.
- With fewer new foreclosures, distressed properties accounted for six percent of sales, purchases for investment purposes made up 12 percent of sales, and cash sales accounted for 21 percent of sales.
- Lack of supply, appraisal delays due to a shortage of appraisers, and rising mortgage rates were the main concerns reported by REALTORS®.