REALTORS® Confidence Index

Key Findings

The Market Outlook from the REALTORS® Confidence Index for buyers was flat from a year ago but up for sellers:

22% of respondents expect a year-over-year increase in buyer traffic in the next three months, down from 26% one month ago and flat from 22% one year ago.
22% of respondents expect a year-over-year increase in seller traffic in the next three months, down from 26% last month and up from 16% one year ago.

With supply still limited relative to demand, 27% of homes sold above list price, down from last month (29%) and a year ago (33%):

68% of respondents reported that properties sold in less than one month, up from 60% a month ago and down from 73% in April 2023.
Homes listed received an average of 3.2 offers, up from last month (3.1 offers) and from one year ago (3.1 offers).
Due to the lack of housing inventory, the pace of the market, and 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 flat from 6% one month ago and down slightly 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:

4% of contracts were terminated in the last three months, similar to one month and one year ago.
11% of contracts had delayed settlements in the past three months, similar to last month and one year ago.
6% of contracts had delayed settlement due to appraisal issues, virtually unchanged from last month and one year ago.

First-time buyers represented 33% of buyers, up from 32% in March 2024 and 29% in April 2023. Among all buyers:

16% purchased for non-primary residence use, up slightly from 15% last month and down slightly from 17% last year.
5% were purchased for vacation use, unchanged from one month ago and down slightly from 7% one year ago.
1% of sellers sold to an iBuyer, virtually unchanged from one month and a year ago.
2% of sales were distressed, flat from one month and up slightly from 1% one year ago.

Contract activity remains competitive:

28% of buyers had all-cash sales, flat from one month and one year ago.
19% of buyers waived the inspection contingency, down from 22% one month ago and 21% one year ago.
18% of buyers waived the appraisal contingency, down from 25% one month ago and flat from a year ago.

Buyers continue to look outside of city centers for the majority of their activity at 82%.