I recently attended the Inman Connect Conference in San Francisco, and was honored to be included in the invitation-only CEO Summit. One of the best presenters there was Pat Stone. Here are some of the tidbits of information he gave us regarding the housing market and the economic issues affecting it.
- The key to a returning robust housing market is all about CONSUMER CONFIDENCE. Right now that index is gauged at about 83 to 84 on a scale of 0-100.
- In order for the Consumer Confidence level to rise to over 90, we need to see the GDP (Gross Domestic Product) at 3% or more for 3 or 4 consecutive quarters.
- That will bring in the 1st-time home buyers that are on the fence right now.
- Of the 100 Million people in the U.S. that are ages 18-35, 40% say they want to buy a house. That’s 40 Million People!!!
The really good news that I read today is that July’s CONSUMER CONFIDENCE INDEX = 90.9, up from 86.4 in June. This is the highest level it has been in seven years! Here is a link to a recent column by Zoe Eisenberg in RISMedia: