Economists' Outlook

Housing stats and analysis from NAR's research experts.

REALTORS® Confidence Index Survey: July 2019 Highlights

The REALTORS® Confidence Index (RCI)1 survey gathers monthly information from REALTORS® about local real estate market conditions, characteristics of buyers and sellers, and issues affecting homeownership and real estate transactions.  This report presents key results about market transactions from July 2019. View and download the full report.

Market Conditions and Expectations

  • The REALTORS® Buyer Traffic Index registered at 59 (62 in July 2018).
  • The REALTORS® Seller Traffic Index registered at 46 (46 in July 2018).
  • The REALTORS® Confidence Index—Six-Month Outlook Current Conditions registered at 59 for detached single-family, 49 for townhome, and 47 for condominium properties. An index above 50 indicates market conditions are expected to improve.
  • Properties were typically on the market for 29 days (27 days in July 2018).
  • Eighty percent of respondents reported that home prices remained constant or rose in July 2019 compared to levels one year ago (86 percent in July 2018).
Chart: REALTORS® Buyer and Seller Traffic Indices

Characteristics of Buyers and Sellers

  • First-time buyers accounted for 32 percent of sales (32 percent in July 2018).
  • Vacation and investment buyers comprised 11 percent of sales (12 percent in July 2018).
  • Sales of distressed properties (foreclosed or sold as a short sale) accounted for 2 percent of sales (3 percent in July 2018).
  • Cash sales made up 19 percent of sales (20 percent in July 2018).
  • Nineteen percent of sellers offered incentives such as paying for closing costs (9 percent), providing warranty (8 percent), and undertaking remodeling (2 percent).
Graphic: Cash sales buyers as percentage of residential sales

Issues Affecting Buyers and Sellers

  • From May 2019–July 2019, 74 percent of contracts settled on time (74 percent in May 2018–July 2018).
  • Among sales that closed in July 2019, 75 percent had contract contingencies. The most common contingencies pertained to home inspection (56 percent), getting an acceptable appraisal (46 percent), and obtaining financing (44 percent).
  • REALTORS® report “low inventory” and “interest rate” as the major issues affecting transactions in July 2019.
House-shaped word cloud

About the RCI Survey

  • The RCI Survey gathers information from REALTORS® about local market conditions based on their client interactions and the characteristics of their most recent sales for the month.
  • The July 2019 survey was sent to 50,000 REALTORS® who were selected from NAR’s more than 1.3 million members through simple random sampling and to 8,158 respondents in the previous three surveys who provided their email addresses.
  • There were 3,991 respondents to the online survey which ran from August 1-10, 2019. The survey’s overall margin of error at the 95 percent confidence level is two percent. The margins of error for subgroups and sample proportions of below or above 50 percent are larger.
  • NAR weighs the responses by a factor that aligns the sample distribution of responses to the distribution of NAR membership.

The REALTORS® Confidence Index is provided by NAR solely for use as a reference. Resale of any part of this data is prohibited without NAR's prior written consent. For questions on this report or to purchase the RCI series, please email:

1Thanks to Gay Cororaton, Research Economist for their data analysis and comments to the RCI Report.

2Respondents report on the most recent characteristics of their most recent sale for the month.

3An index greater than 50 means more respondents reported conditions as “strong” compared to one year ago than “weak.” An index of 50 indicates a balance of respondents who viewed conditions as “strong” or “weak.”

4The difference in the sum of percentages to the total percentage of sellers who offered incentives is due to rounding.