Realtor market confidence down, but price confidence up in January
While Realtors’ confidence in home prices continued to improve in January, confidence in the market decline, the Massachusetts Association of Realtors (MAR) said Wednesday.
MAR’s January Realtor Price Confidence Index increased two percent to 76.96 on a 100-point scale. That’s the eleventh straight month above the 70-point mark, and the 24th straight month of year-over-year increases.
Meanwhile, The Realtor Market Confidence Index (RMCI) dropped eight percentage points, year over year, to 59.8, according to MAR. But on a month-to-month basis, the RMCI increased 14 percent, compared to a score of 52.63 in December.
A score of 50 is the midpoint between “strong” and “weak” market conditions, according to MAR.
MAR president Peter Ruffini said in a statement that low inventory continued to boost pricing confidence even as confidence in the overall market ebbed. Ruffini did not speculate about what’s causing weakened confidence in the market.
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