Key Findings
The Market Outlook from the REALTORS® Confidence Index stayed essentially flat for both buyers and sellers, on a monthly basis.
- 20% of respondents expect a year-over-year increase in buyer traffic in the next three months, virtually unchanged from 19% one month ago and from 21% one year ago.
- 19% of respondents expect a year-over-year increase in seller traffic in the next three months, flat from 19% one month ago and from 20% one year ago.
With supply still limited relative to demand, 21% of homes sold above list price, however, this is flat from last month’s 20% and from 20% a year ago:
- Homes listed received an average of 2.3 offers, down from 2.5 last month and from 2.4 one year ago.
- 30% of buyers had all-cash sales, up slightly from 28% one month ago and unchanged from 30% one year ago.
- Due to the use of technology, 5% of buyers purchased a home based only on a virtual tour, showing, or open house without physically seeing the home. This is virtually unchanged from 4% one month ago and 6% 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 6% one year ago.
- 14% of contracts had delayed settlements in the past three months, flat from 14% last month, and from 15% one year ago.
- 6% of contracts were delayed due to appraisal issues, unchanged from 6% one month ago and from 6% one year ago.
First-time buyers represented 30% of buyers, up slightly from 28% last month and from 26% one year ago. Among all buyers:
- 15% purchased for non-primary residence use, down from 21% last month and flat from 16% last year.
- 5% were purchased for vacation use, flat from 5% one month ago and down slightly from 7% one year ago.
- 1% of sellers sold to an iBuyer, virtually unchanged from 2% one month ago and 2% one year ago.
- 2% of sales were distressed, unchanged from 2% one month and 2% a year ago.
Contract activity shows no significant changes for buyers:
- 21% of buyers waived the inspection contingency, up from 18% one month ago and from 17% one year ago.
- 19% of buyers waived the appraisal contingency, down from 24% one month ago and 21% one year ago.
Buyers continue to look outside of city centers for the majority of their activity at 87%.
