The RCLCO Current Real Estate Market Sentiment Index (RMI), which is measured on a 100-point scale, has remained flat over the past six months, ending at 15.47 at year end 2023, a nominal decrease of just 3.5 from mid-year. The index remains decidedly in the zone that indicates challenging real estate market conditions. An RMI less than 40 is typically consistent with a period of real estate market distress-recession.
On a more positive note, a large share of respondents predict that real estate market will be better during the next six to 12 months – the Future RMI is predicted to increase 29.7 points to 45.17 points during the next 12 months, presaging a rise out of the zone of distress within the next year.
Also on the rise, a growing share (29 percent) of respondents believe a national economic recession is unlikely in the next 24 months, although a substantial number believe we are either now in a recession (23 percent) or will be in one within the next year (37
