Real estate agent confidence slides as mortgage rates take their toll
While the index held above the 50 threshold that signals a net positive outlook, the slide reflects mounting concern about near-term conditions. Thirty-nine percent of agents described themselves as more optimistic than the prior month, versus 25% who reported feeling more pessimistic.
The company’s Transaction Growth Index — which tracks year-over-year deal activity — was more direct. It dropped to 44.6 from 52.5 in July, falling below 50 and signaling contraction.
Forty-one percent of agents reported fewer transactions in August compared with the same month a year earlier, while just 25% reported an increase.
“Affordability continues to be the biggest challenge in the housing market,” said Tamir Poleg, Chairman and CEO of Real REMAX Group.
“Higher mortgage rates are putting additional pressure on buyers, while many sellers have been slow to adjust their price expectations. With homes taking longer to sell, realistic pricing and sound advice matter more than ever.”
