Key Findings
The Market Outlook from the REALTORS® Confidence Index fell for both buyers and sellers.
- 17% of respondents expect a year-over-year increase in buyer traffic in the next three months, a decline from 19% one month ago and from 19% one year ago.
- 16% of respondents expect a year-over-year increase in seller traffic in the next three months, a decline from 19% one month ago and from 19% one year ago.
With supply still limited relative to demand, 19% of homes sold above list price, however, this is essentially flat from last month’s 21% and from 19% a year ago:
- Homes listed received an average of 2.1 offers, down from 2.3 last month and from 2.5 one year ago.
- 29% of buyers had all-cash sales, virtually unchanged from 30% one month ago and up from 27% 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 unchanged from 5% one month ago and down from 8% one year ago.
Contracts typically closed in 30 days, the same as last month and one year ago. But some faced delays or termination:
- 7% of contracts were terminated in the last three months, up slightly from 6% one month ago and 5% 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 7% one year ago.
First-time buyers represented 32% of buyers, up slightly from 30% last month and from 27% one year ago. Among all buyers:
- 16% purchased for non-primary residence use, essentially flat from 15% last month and from 17% last year.
- 4% were purchased for vacation use, flat from 5% one month ago and from 5% one year ago.
- 2% of sellers sold to an iBuyer, virtually unchanged from 1% 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:
- 20% of buyers waived the inspection contingency, virtually flat from 21% one month ago and from 19% one year ago.
- 19% of buyers waived the appraisal contingency, flat from 19% one month ago and down from 23% one year ago.
Buyers continue to look outside of city centers for the majority of their activity at 82%.
