Local Real Estate Market is Getting Better, Says New Report

Local realtors believe the housing market and housing prices are stronger compared to a year ago, according to the July REALTOR® Market Confidence Index (RMCI) and the July REALTOR® Price Confidence Index (RPCI), which is produced by the Massachusetts Association of REALTORS®.

“July marks the 24th straight month that REALTOR® members who responded to our monthly survey felt strongly about the strength of the market and prices compared to the year before,” said 2013 MAR President Kimberly Allard-Moccia, broker-owner of Century21 Professionals in Braintree. “This confidence comes directly from the attitudes of their buyer and seller clients and it is continuing to trend upward.”

The market confidence index was 71.09, which was up 23 percent from July 2012 (the scale ranges from 0 for a weak market, 50 is the midpoint and 100 is strong). July was the 24th straight month of year-over-year increases and the sixth straight month that it was more than 70 points.

The month-to-month number, however, was down from 76.4 in June.

The price confidence index was 72.27 in July, which was 11 percent higher than July 2012. It is the 18th straight month of year-over-year increases and the fifth straight month to eclipse the 70-point mark. However, much like the market confidence index, the July price confidence index was down compared to June. The index in June was 75.

“First-time homebuyers who have been waiting to enter the market are making the decision that ‘now’ is the time,” said Allard-Moccia as a reason for the added confidence from a year ago.

What do you think about these results? Are you confident in the real estate market? What has been your recent experience in the home selling and buying markets? Let us know by posting a comment below.