Professional Documents
Culture Documents
Research Division
NATIONAL ASSOCIATION of REALTORS
respondents reported 50 53
40
strong than weak
30
market conditions in 20
August 2017 compared to 10
the same month last year. 0
200801
200805
200809
200901
200905
200909
201001
201005
201009
201101
201105
201109
201201
201205
201209
201301
201305
201309
201401
201405
201409
201501
201505
201509
201601
201605
201609
201701
201705
Single-family Townhome Condominium
remained generally 20
200801
200805
200809
200901
200905
200909
201001
201005
201009
201101
201105
201109
201201
201205
201209
201301
201305
201309
201401
201405
201409
201501
201505
201509
201601
201605
201609
201701
201705
tight, although slightly
better compared to
conditions one year
ago (49 in July 2017; 44
in August 2016). Buyer Traffic Index Seller Traffic Index
Compared to
conditions in the
same month last year,
buyer traffic
conditions were
stable (no change in
conditions) to very
strong, except in
Delaware where
conditions were
weak.
*For graphical purposes, index values less than or equal to 25 are labeled Very Weak, values of 25.01 to
45 are labeled Weak, values of 45.01 to 55 are labeled Stable, values of 55.01 to 75 are labeled
Strong, and values greater than 75 are labeled Very Strong.
Compared to
conditions in the same
month last year, seller
conditions were
strong only in nine
states and the District
of Columbia.
*For graphical purposes, index values less than or equal to 25 are labeled Very Weak, values of
25.01 to 45 are labeled Weak, values of 45.01 to 55 are labeled Stable, values of 55.01 to 75
are labeled Strong, and values greater than 75 are labeled Very Strong.
Fifty percent of 60
properties were on the
market for less than one 40
20%
201212
201302
201304
201306
201308
201310
201312
201402
201404
201406
201408
201410
201412
201502
201504
201506
201508
201510
201512
201602
201604
201606
201608
201610
201612
201702
201704
201706
201708
August 2017 REALTORS CONFIDENCE INDEX SURVEY
More Clients Took Home Tours
tours exhibits a
3.5
seasonal increase in
the spring and
3.0
summer months,
accounting for the
2.5
spike last month.
201601
201602
201603
201604
201605
201606
201607
201608
201609
201610
201611
201612
201701
201702
201703
201704
201705
201706
201707
201708
August 2017 REALTORS CONFIDENCE INDEX SURVEY
Offers Per Client Held Steady
condominium properties 80
67
70
were above 50, indicating 60 56
more respondents 50
53
expected conditions to 40
strengthen rather than 30
*NARs 2016 Profile of Home Buyer and Sellers (HBS) reports that among primary residence home buyers, 28 percent were 18-34 years old.
The HBS surveys primary residence home buyers, while the monthly RCI Survey surveys REALTORS and captures purchases for investment
purposes and vacation/second homes.
14 percent of sales.
Lived with parents, relatives, or friends Other
NARs 2016 Profile of Home Buyer and Sellers (HBS) reports that among primary residence home buyers, 41 percent rented an apartment or house prior to
their home purchase. The HBS surveys primary residence home buyers, while the monthly RCI Survey surveys REALTORS and captures purchases for investment
purposes and vacation/second homes.
10%
200810
200902
200906
200910
201002
201006
201010
201102
201106
201110
201202
201206
201210
201302
201306
201310
201402
201406
201410
201502
201506
201510
201602
201606
201610
201702
201706
August 2017 REALTORS CONFIDENCE INDEX SURVEY
Most First-time Buyers Put Down Less
than 20 Percent Downpayment
Percent of Buyers Who Put Down Less Than 20 Percent for
Compared to all buyers, Downpayment
a higher share of first-
time buyers obtain a
85%
loan with a lower
80%
downpayment.
75%
Seventy-one percent of 70%
71%
first-time buyers in 65%
August 2017 put down 60%
less than 20 percent
55%
downpayment, 53%
50%
compared to 53 percent
45%
among all buyers.
201106
201109
201112
201203
201206
201209
201212
201303
201306
201309
201312
201403
201406
201409
201412
201503
201506
201509
201512
201603
201606
201609
201612
201703
201706
First-time Buyers All Buyers
closed in August 2017. No incentive Closing Cost Warranty Remodelling Appliances Condo Fees
19%
Nineteen percent of 80%
40%
investment purpose, as 69%
30%
a rental property (16
20%
percent in July 2017;19
10%
percent in August 2016). 0%
30%
Between Listing and Contract
Acceptance
20%
Between Contract Acceptance and
10% 18% 20% 21% 18% 19% Closing
After Closing (Leaseback)
0%
201704 201705 201706 201707 201708
settled on time,
25 percent had a
were terminated.
of contracts were
10%
20%
30%
40%
50%
60%
70%
80%
0%
201501-201503
201502-201504
201503-201505
201504-201506
201505-201507
201506-201508
201603-201605
201604-201606
Contract was settled on time
201605-201607
201606-201608
201607-201609
Contract Settlement
201608-201610
Most Contracts Settled on Time
201609-201611
201610-201612
201611-201701
201612-201702
Contract was delayed but eventually went into settlement
201701-201703
201702-201704
201703-201705
201704-201706
201705-201707
201706-201708
3%
25%
72%
Financing and Appraisals Topped List of
Delays
No problems encountered 6%
*Delayed contracts accounted for 25 percent of closed or terminated contracts during this period.
week of November
4%
24, 2016, but rates
have dropped to an 2%
average of 3.88
percent in August 0%
Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17
2017.*
*Source: Freddie Mac, downloaded from Haver Analytics. Average mortgage rates peaked at 4.3 percent in the week of March 16, 2017.
REALTOR respondents
reported conditions of low
inventory as the major
issue affecting transactions
in August 2017.
The RCI Survey gathers information from REALTORS about local market conditions
based on their client interactions and the characteristics of their most recent sales for
the month.
The August 2017 survey was sent to 75,000 REALTORS who were selected from
NARs nearly 1.2 million members through simple random sampling and to about
6,000 respondents in the previous three surveys who provided their email addresses.
There were 2,059 respondents to the online survey which ran from September 110,
2017. The surveys overall margin of error at the 95 percent confidence level is 1.9
percent.* The margins of error for subgroups and sample proportions of below or
above 50 percent are larger.
NAR weights the responses by a factor that aligns the sample distribution of
responses to the distribution of NAR membership.
*Based on 2,059 respondents out of 1.2 million NAR members and a 50 percent proportion estimate.
To find out about other products from NARs Research Division, visit:
https://www.nar.realtor/research-and-statistics
Research Division
NATIONAL ASSOCIATION of REALTORS