January 2003 Market Pulse

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January 2003 Market Pulse

Strengthening outlook

January 2003

BUSINESS CONFIDENCE

Practitioners’ confidence in the residential real estate market is mixed, with some slippage in current expectations. But clear optimism holds for sales over the next six months. Practitioners expect to see easing in both seller and buyer traffic, suggesting a minor change in inventory conditions.

	October	November
Current conditions	63.4	62.7
Expectations for the next six months	60.7	64.6
Buyer traffic	57.9	55.6
Seller traffic	52.9	51.5

Surveys were sent to 1,549 large and small real estate offices throughout the country. Results are based on 460 responses. The survey asks NAR members to indicate whether conditions are, or are expected to be, strong (100 points), moderate (50), or weak (0). Responses are averaged to derive results.

Source: NAR Research

EXISTING HOME SALES

Sales stay strong Sales of existing single-family homes have remained unusually robust, increasing 6.1 percent in October to a seasonally adjusted annual rate of 5.77 million units, from 5.44 million* units in September. In addition, the pace is 9.5 percent above the 5.27 million units sold in October 2001.

September	October
5.44 million	5.77 million

* Revised from figure reported in December 2002 issue.

† Actual rate of sales for the month, multiplied by 12, and adjusted for seasonal sales differences.

Source: NAR Research

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January 2003 Market Pulse