Key Findings
Days on market lengthened to 39, but the number of offers received by sellers remained flat at 2.2. Cash buyers remain more unwavering at 28% of the market, while first-time buyers eased to 29%.
The Market Outlook from the REALTORS® Confidence Index grew for both buyers and sellers on a monthly and annual basis.
- > 31% of respondents expect a year-over-year increase in buyer traffic in the next three months, an increase from 22% one month ago, and a gain from 27% one year ago.
- 28% of respondents expect a year-over-year increase in seller traffic in the next three months, an increase from 18% one month ago, and 27% one year ago.
With supply still limited relative to demand in some housing markets, 16% of homes sold above list price; however, this is flat from last year and down from 18% one month ago:
- Homes listed received an average of 2.2 offers, unchanged from last month and from one year ago.
- 28% of buyers had all-cash sales, which was virtually unchanged from 27% one month ago and from 28% 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 essentially flat from 6% from one month ago and 5% one year ago.
Contracts typically closed in 30 days, the same as last month and one year ago. But some faced delays or termination:
- 5% of contracts were terminated in the last three months, essentially flat from 6% one month ago and 5% one year ago.
- 14% of contracts had delayed settlements in the past three months, virtually flat from 15% last month, and from 16% one year ago.
- 6% of contracts were delayed due to appraisal issues, essentially unchanged from 5% one month ago and from 5% one year ago.
First-time buyers represented 29% of buyers, down slightly from 30% last month and from 31% one year ago. Among all buyers:
- 18% purchased for non-primary residence use, flat from 18% last month and up from 16% last year.
- 7% were purchased for vacation use, up from 5% one month ago and from 4% one year ago.
- 2% of sellers sold to an iBuyer, virtually unchanged from 1% one month ago and 0% 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:
- 18% of buyers waived the inspection contingency, down from 20% one month ago and from 20% one year ago.
- 19% of buyers waived the appraisal contingency, flat from 20% one month ago and 18% one year ago.
Buyers continue to look outside of city centers for the majority of their activity at 83%.
