With spring and summer rolling in, REALTORS® expect the conditions in the single-family homes market outlook in the next six months to be “strong” to “very strong” in all states and “moderate” in the District of Columbia, based on the April 2017 REALTORS® Confidence Index Survey Report.
In the townhomes market, the outlook is “moderate” to “very strong” except in Oklahoma and West Virginia where the outlooks are “weak.”
The outlook in the condominiums market is more mixed, with a “very weak” outlook in West Virginia, a “weak” outlook in eight states and the District of Columbia, and a “moderate” to “very strong” outlook in the other states.
With spring and summer rolling in, the REALTORS® Confidence Index—Six-Month Outlook for single-family homes, townhomes, and condominiums each registered above 50, indicating that more REALTOR® respondents expected market conditions to be “strong” than “weak” over the next six months compared to current conditions.
The index for condominiums was at 59 in April 2017 (61 in March 2017; 53 in April 2016). The approval of H.R. 3700, the “Housing Opportunity Through Modernization Act of 2016,” appears to be bolstering homebuying in the condominium market. Among other measures, the law eases access to FHA condominium financing by reducing the FHA condominium owner occupancy ratio from 50 to 35 percent, directing the FHA to streamline the condominium re-certification process, and providing more flexibility for mixed-use buildings.
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