Key Findings
April showed slightly improved market conditions for sellers, even compared to the previous year. Sellers received an average of 2.5 offers, and 21% received more than the asking price of the home. Days on market remained higher than last year at 32 days, but dropped considerably since last month.
The Market Outlook from the REALTORS® Confidence Index showed a relatively stable view for buyers and sellers on a monthly and annual basis.
- 24% of respondents expect a year-over-year increase in buyer traffic in the next three months, down from 26% one month ago, and a gain from 21% one year ago.
- 28% of respondents expect a year-over-year increase in seller traffic in the next three months, virtually unchanged from 27% one month ago, and 27% one year ago
With supply still limited relative to demand in some housing markets, 21% of homes sold above list price, this is up from last year when it was 18%, and up from 18% one month ago:
- Homes listed received an average of 2.5 offers, up slightly from 2.2 last month and from 2.4 one year ago.
- 25% of buyers had all-cash sales, which was down from 27% one month ago and unchanged from 25% one year ago.
- Due to the use of technology, 6% of buyers purchased a home based only on a virtual tour, showing, or open house without physically seeing the home. This is nearly level from 5% from 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:
5% of contracts were terminated in the last three months, flat from 5% one month ago and down slightly from 7% one year ago.
13% of contracts had delayed settlements in the past three months, unchanged from 13% last month, and up slightly from 10% one year ago.
6% of contracts were delayed due to appraisal issues, unwavering much from 7% one month ago and from 6% one year ago.
First-time buyers represented 33% of buyers, up slightly from 32% last month and down slightly from 34% one year ago. Among all buyers:
- 16% purchased for non-primary residence use, down slightly from 18% last month and virtually flat from 15% last year.
- 8% were purchased for vacation use, up slightly from 6% one month ago and from 5% one year ago. This is an all-time high.
- 2% of sellers sold to an iBuyer, down slightly from 3% one month ago and up slightly from 1% one year ago.
- 2% of sales were distressed, unchanged from 2% one month and from 2% a year ago.
Contract activity shows little movement in buyers waiving contingencies:
- 19% of buyers waived the inspection contingency, up slightly from 18% one month ago and down slightly from 20% one year ago.
- 16% of buyers waived the appraisal contingency, down from 19% one month ago and down from 20% one year ago.
Buyers continue to look outside of city centers for the majority of their activity at 83%.
