Broker confidence fell for the third quarter in a row, dipping into negative territory for the first time since 2020. Rising interest rates, inflation, and general economic uncertainty weighed on market sentiment.
The Residential Current Confidence Index (CCI) declined from 31.41 to -1.74. Commercial brokers were more pessimistic: the Commercial Current Confidence Index (CCI) declined from 17.05 to –37.72.
The six-month outlook also fell into negative territory. The Residential EXI dropped from 22.98 to -10.07. The Commercial Expectations Index (EXI) dropped from 21.51 to -34.87, the lowest mark since 2020.