Key Findings
Days on market fall to 24; sellers received an average of 2.7 offers; 24% of homes sold above the list price.
The Market Outlook from the REALTORS® Confidence Index for buyers increased slightly but is flat for sellers:
- 16% of respondents expect a year-over-year increase in buyer traffic in the next three months, up slightly from 13% one month ago and one year ago.
- 17% of respondents expect a year-over-year increase in seller traffic in the next three months, flat from one month and one year ago.
With supply still limited relative to demand, 24% of homes sold above list price, down from last month’s 29% and 35% a year ago:
- 62% of respondents reported that properties sold in less than one month. This is down from a month ago (65%) and from 74% in July 2023.
- Homes listed received an average of 2.7 offers, down slightly from 2.9 last month and down from 3.0 one year ago.
- Due to the lack of housing inventory, the pace of the market, and 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 essentially flat from 7% one month ago and from 9% 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, essentially flat from 5% one month ago and 6% one year ago.
- 15% of contracts had delayed settlements in the past three months, up slightly from 13% last month and 14% one year ago.
- 7% of contracts were delayed due to appraisal issues, unchanged from last month and up slightly from 6% one year ago.
First-time buyers represented 29% of buyers, unchanged from last month and down slightly from 30% in July 2023. Among all buyers:
- 13% purchased for non-primary residence use, down from 16% last month and last year.
- 4% were purchased for vacation use, down slightly from 5% one month and one year ago.
- 1% of sellers sold to an iBuyer, unchanged from one month and one year ago.
- 1% of sales were distressed, down slightly from 2% one month ago but flat from one year ago.
Contract activity remains competitive:
- 27% of buyers had all-cash sales, down slightly from 28% one month ago and up slightly from 26% one year ago.
- 20% of buyers waived the inspection contingency, unchanged from one month ago and down from 26% one year ago.
- 22% of buyers waived the appraisal contingency, up from 22% one month ago but unchanged from July 2023.
Buyers continue to look outside of city centers for the majority of their activity at 89%.