The Realtor Confidence Report provides monthly information about market conditions, buyer/seller traffic, price trends and issues affecting real estate gathered from REALTOR®. The current report is based on the responses of 3,503 REALTORS® about theirtransactions in October 2013 slowing compared to the pace in 2012 to the middle of 2013.
Some REALTORS® saw the slowdown as a welcome brake to the rapid home price growth. The survey captured the effect of the government shutdown indicating that about 30 percent of ongoing transactions were temporarily impacted by the closure of various agencies.
Prices are still rising and higher mortgage rates have impacted the level of sales. New stricter mortgage standards are disqualifying even some credit worthy buyers.
With demand easing, properties were generally on the market for more days than was the case a few months ago. Low appraisal values continued to be reported as affecting transactions adversely, although there are reports that the situation is improving.
REALTORS® also reported issues that they foresee as affecting demand in the coming months are the potential impacts of tighter fiscal and monetary policies, the higher cost of homeowner insurance for FHA-guaranteed loans, and the impact of the Affordable Care Act on housing affordability.