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REBNY Research: Real Estate Broker Confidence Index Q3 2021
November 11, 2021
RESIDENTIAL CONFIDENCE STAYS NEAR RECORD LEVELS, COMMERCIAL BROKERS MORE RESERVED IN THEIR EXPECTATIONS
Following a record-setting second quarter, broker confidence fell slightly in the residential sector. While the indexes fell for both sectors, residential brokers are generally more optimistic, reflected in scores that are 10 to 20 points higher than in the commercial sector.
Residential Indexes Approach Second Quarter Records
Residential brokers remained very optimistic as sales and leasing activity continued to surge. The Current Confidence Index (CCI) was 56.29 in the third quarter, inching lower from the record mark of 60.04 in the second quarter. The Expectations Index (EXI) dipped from a record mark of 55.79 in 2Q 2021 to 45.88 this quarter.
Commercial Brokers Voice Confidence in Market Outlook
Commercial Brokers expressed record confidence in the current conditions – the CCI jumped to 36.11, just above the prior peak mark of 32.56 in Q4 2019. Lingering concerns about COVID-19 and a delayed return to the office pulled the EXI down to 37.26, a decrease from the record mark of 52.50 in the second quarter.