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REBNY Research: Real Estate Broker Confidence Index Q2 2021
August 12, 2021
COMMERCIAL AND RESIDENTIAL BROKER CONFIDENCE SURGES: BOTH SECTORS POST RECORD SCORES
Broker confidence rose to record levels during the second quarter of 2021, attaining new peaks in both residential and commercial sectors.
Residential Indexes Surge to Record Highs
Residential brokers expressed record confidence in both current and future market conditions. The Current Conditions Index (CCI) rose to 60.0 in the second quarter, up from 28.3 in the first quarter and attaining the highest score in the last five years. The Expectations Index (EXI) for the residential sector jumped to 55.8, up from 44.1 in the previous quarter, also a new peak.1
Commercial Brokers Voice Confidence in Market Outlook
Commercial brokers were also highly optimistic. The Current Conditions Index (CCI) jumped to 20.8, rising from -23.3 in the first quarter and ending five consecutive quarters in negative territory. The CCI among commercial brokers still fell short of the prior peak of 34.1 in the first quarter of 2019. The Expectations Index (EXI) spiked to a new record, though, surging to 52.5.
1 REBNY has revised the scale used in the index, changing it from 0 (all negative responses) to 10 (all positive responses), to a scale of -100 (all negative) to 100 (all positive). A score of 0 now represents all brokers entering a neutral response, or an equal number of brokers responding with positive and negative sentiment. See page 10 for full detail regarding methodology.