Broker confidence in current conditions fell for the fourth quarter in a row, but the six-month outlook improved slightly. Rising interest rates, inflation, and general economic uncertainty weighed on current market sentiment.
The biggest movement this quarter occurred amongst residential brokers, reflecting the moderation in sales. The residential Current Confidence Index (CCI) dipped from -1.74 to -17.41. Commercial brokers remained more pessimistic - the commercial Current Confidence Index (CCI) declined from -37.72 to -40.58, but remained above the all-time low of -64.32 in Q2 2020.
On the other hand, brokers’ six-month outlook improved from the previous quarter. The Commercial Expectations Index (EXI) rose from -34.87 to -22.83, and the Residential EXI inched up from -10.07 to -5.46.