Boca Raton Residential January 2016
· Market conditions vary across local markets and states, but the REALTORS® confidence and traffic indices indicate unchanged market activity in December. Boca Raton Market still on a strong pace.
· Sustained job creation and the low interest rate environment appear to be sustaining housing demand, even as the lack of inventory and tight underwriting standards are constraining market activity.
· The TILA/RESPA Integrated Disclosure (TRID) regulations which came into effect on October 3, 2015 appear to have lengthened the closing period.
· The share of first-time home buyers slightly rose to 32 percent of sales.
· Properties typically were on the market 58 days nationally compared to 66 days a year ago, an indication that supply remains tight relative to demand.
· Tight inventories, decreased affordability, and more stringent credit standards continued to be reported as key issues affecting sales, especially of first-time homebuyers.
· Still, respondents were broadly "strongly" confident about the overall outlook for the next six months, especially in the single-family homes market.