This is the California real estate update for January 17th. Hello this is Mary West and this segment is sponsored by Group 1 Real Estate.
This week we look at the December 2016 REALTORS® Confidence Index. The index is a key indicator of housing market strength based on a monthly survey sent to over 50,000 real estate practitioners
First-time home buyers accounted for 32 percent of sales, up from 30 percent one year ago
Sustained job creation has created a favorable environment for homebuyers.
Lack of supply, appraisal delays due to a shortage of appraisers, and rising mortgage rates were the main concerns reported by REALTORS®.
Distressed properties accounted for six percent of sales.
Finally most respondents were confident about the outlook over the next six months for single-family homes, townhomes, and condominiums markets.
Thank you for listening and for a transcript, please visit Group1RealEstate.com. This is Mary West with the California Real Estate Update by Group 1 Real Estate.