Cover of the REALTORS® Confidence Index report
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Key Findings

All-cash home buyers continue to show strength in the market. Non-primary residence buyers fell, which is driven by lower investor activity (8%)—lowest share since September 2022 (8%).

The Market Outlook from the REALTORS® Confidence Index weakened for both buyers and sellers.

  • 17% of respondents expect a year-over-year increase in buyer traffic in the next three months, down from 18% one month ago and up from 13% one year ago.
  • 23% of respondents expect a year-over-year increase in seller traffic in the next three months, down from 27% one month ago and up from 17% one year ago.

With supply still limited relative to demand, 21% of homes sold above list price, however, this is lower than last month’s 28% and down from 29% a year ago:

  • 59% of respondents reported that properties sold in less than one month. This is flat from a month ago (60%) and down from 65% one year ago.
  • Homes listed received an average of 2.4 offers, down slightly from 2.5 last month and from 2.9 one year ago.
  • 29% of buyers had all-cash sales, up slightly from 27% one month ago and from 28% one year ago.
  • Due to the use of technology, 8% of buyers purchased a home based only on a virtual tour, showing, or open house without physically seeing the home. This is up slightly from 6% one month ago and 7% one year ago.

Contracts typically closed in 30 days, the same as last month and one year ago. But some faced delays or termination:

  • 6% of contracts were terminated in the last three months, flat from 6% one month ago and up slightly from 5% one year ago.
  • 12% of contracts had delayed settlements in the past three months, down slightly from 13% last month, and 13% one year ago.
  • 6% of contracts were delayed due to appraisal issues, virtually unchanged from 7% one month ago and from 7% one year ago.

First-time buyers represented 30% of buyers, flat from 30% last month and up slightly from 29% one year ago. Among all buyers:

  • 14% purchased for non-primary residence use, down from 17% last month and from 16% last year.
  • 6% were purchased for vacation use, essentially flat from 6% one month ago and 5% one year ago.
  • 2% of sellers sold to an iBuyer, virtually unchanged from 2% one month ago and 1% one year ago.
  • 3% of sales were distressed, virtually unchanged from 3% one month and 2% a year ago.

Contract activity shows no significant changes for buyers:

  • 20% of buyers waived the inspection contingency, down from 25% one month ago and flat from 20% one year ago.
  • 23% of buyers waived the appraisal contingency, unchanged from 24% one month ago and 24% one year ago.

Buyers continue to look outside of city centers for the majority of their activity at 83%.

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