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Demand continued to expand faster than supply. The Buyer Traffic Index rose to 56 from 36 in the same period last year, while the Seller Traffic Index barely moved, ending at 38 from 37 last year. REALTORS® reported numerous cases of multibidding resulting in “properties selling above the list/asking price” or “distressed sales selling close to market price.” The market has steadily moved towards a seller’s market with buyers more willing to bear closing costs, in some cases “paying for half or more of the closing cost.”
What this means for REALTORS®: The tight inventory of homes for sale has strengthened prices, with 79 percent of REALTORS® reporting constant or increasing prices compared to the same time a year ago, and 87 percent of REALTORS® expecting constant or rising prices in the next 12 months.
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