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REALTORS Remain Confident In Market Outlook
Why Some Are Optimistic:Indeed, REALTORS® mostly expect modest home price increases in the coming 12 months, with the median expected price increases at 3.5 percent. REALTOR® respondents in Florida, Texas, and Hawaii expected prices to increase the most in that timeframe, at a range of 5 to 6 percent.Still, overall concerns remain over the market. REALTORS® expressed continued concern about how borrowers are finding it difficult to obtain a mortgage as well as a weak job market in many areas, which are still major deterrents to home buying. About 18 percent of REALTORS® surveyed said they had clients who could not obtain financing in August. Other hurdles to closing in August were: the buyer and seller could not agree on the price (11 percent); the buyer lost a bidding competition (8 percent); and appraisal issues (4 percent).Meanwhile, REALTOR® confidence in the townhouse/duplex and condominium market remains sluggish as well. REALTOR® respondents reported that the condo market is still lagging because of FHA financing and occupancy regulations.Inventory constraints on the number of homes for-sale also remained a concern, according to the survey. But survey respondents did report inventory levels easing somewhat in a handful of states (particularly Arizona, California, Delaware, Florida, Georgia, Indiana, Idaho, Maryland, Maine, Michigan, Minnesota, North Carolina, Nevada, New York, Texas, Virginia, and Wisconsin).Nevertheless, overall supply of homes remained tight for “lower” and “middle-priced homes,” mostly attributed to the fewer number of distressed properties and the strong price appreciation since 2012 that has made homes less affordable, according to the report.Download the full report at REALTOR.org.
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