The REALTOR® Price Confidence Index (RPCI) was still high in April, but did experience its first year-over-year drop after 26 months of increases. Confidence in the market continued its trend of decreases as a lack of inventory pushed the REALTOR® Market Confidence Index (RMCI) down for its sixth straight month. While we’d all love to see confidence in the market and prices increase, the good news is that both indexes are historically high compared to the past.
Here are the April 2014 Highlights:
- The REALTOR® Market Confidence Index (RMCI) went down compared to April 2013
- This is the sixth straight monthly year-over-year decrease
- The REALTOR® Price Confidence Index (RPCI) went down for the first time after 26 straight months compared to the same month the year before
- The RPCI was over the 70-point mark for the 14th straight month
The April Hot Topic question asked REALTORS® to compare their clients’ ability to access financing compared to last year.
Click link to read the full release: April 2014 REALTOR® Market Confidence Index and REALTOR® Price Confidence Index
- REALTOR® Market Confidence Index in April was 66.89 Down 16% from the same time last year
- REALTOR® Market Confidence Index in April was down 4% from March 2014
- REALTOR® Price Confidence Index in April was 77.81 Down 5% from the same time last year
- REALTOR® Price Confidence Index in April was down 2% from March 2014