Confidence in housing market rises
The Realtors® Confidence Index, based on a monthly e-mail survey of some 50,000 real estate practitioners, reported that activity in single-family home sales rose again in May to 33.8, up slightly from April’s reading of 33.5 and an increase from the 30.5 index registered in May of 2008. May’s reading continues an upward trend in the Index since the beginning of the year. The same rising trend is apparent in the index for townhomes, which increased to 20.2, up from 17.8 the previous month, although off from the 20.9 index a year ago. The index for current condominium activity also rose in May, although that reading too is down from its level a year ago. Practitioners from the West region reported the strongest level of confidence at 37.5. While that is a decline from the previous month, it is significantly higher than the 28.7 reading in May of 2008. The Midwest reflected the most consistent gain in confidence. May’s index for the Midwest was 33.0, compared to 30.5 in April and 27.5 a year ago.