Realtor Confidence Rises Again In July
July marked the 24th consecutive month that Realtors were more confident about the strength of the market than in the previous year, according to the Massachusetts Association of Realtors (MAR).
Last month, the Realtor Market Confidence Index was 71.09, up 23 percent from last year’s score of 57.63. It was the sixth consecutive month that the index, which measures Realtor confidence in the current housing market, was above the 70 point mark. However, it was below June’s reading of 76.4 points.
The index is a 0 to 100-point scale with 50 being the midpoint between a strong and weak market.
Meanwhile, the Price Confidence Index, which marks Realtor expectations of home prices over the next year, was 72.27 in July, up 11 percent from 2012. It was the 18th month in a row of increases and the fifth over 70 points.
MAR President Kimberly Allard-Moccia, said first-time homebuyer activity has been increasing, despite a low inventory and rising prices. Realtors were asked how the lack of homes for sale and increasing prices impacted first-time homebuyer activity in July, with 37.5 percent saying they saw an increase in activity. Another 34 percent reported no change while 23 percent either said they saw a decrease or significant decrease.
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