The more than 100 major real estate brokers who attended RISMediaâ€™s Mid-Year Power Broker Forum earlier this month virtually all reported first quarter gains in transactions and dollar volume from 2012. Consumer confidence combined with near historic low mortgage interest rates is fueling the residential real estate industryâ€™s resurgence, and industry leaders are reporting that many leading REALTORS® from around the country are experiencing a tremendous uptick in consumer interest and transactions that they havenâ€™t seen in more than five years.
“Home values and consumer confidence are directly related,” said Lawrence Young, NAR chief economist. â€śSince the majority of families in America are homeowners, a rise in home value certainly lifts their confidence, which in turn helps the economy as people feel more comfortable spending money. It’s all good news in housing, and I think the momentum will continue.”
This week, the Conference Board announced that its index of consumer attitudes jumped to 76.2 from an upwardly revised 69 in April, topping economists’ expectations for 71. The gain was the highest level of consumer confidence in five years.
Leading brokers in some of the countryâ€™s real estate hot spots provided insight Wednesday into their rising market conditions.