REALTORS’® assessments of real estate market conditions in August 2014 and the outlook for the next six months were essentially unchanged from the July 2014 survey, according to data from the August 2014 REALTORS® Confidence Index Survey.
There were reports that in some areas, market activity fell in August due to the school opening season. Supply constraints were reported to be easing in more states than reported previously (in AZ, CA, DE, FL, GA, IN, ID, MD, ME, MI, MN, NC, NV, NY, TX, VA, WI), although inventory was still generally tight especially for “affordable” homes.
Under tight credit conditions, purchases by first-time buyers accounted for about the same share of the market as previously. Given the robust price recovery and fewer distressed properties for sale, the share of purchases for investment purposes decreased significantly. As always, local conditions vary from market to market.