Key Findings
Days on market lengthened to 36 days, but the number of offers received by a seller remained essentially flat at 2.2, while 18% of homes sold above the asking price. The market reflects diverse conditions due to location and price point.
The Market Outlook from the REALTORS® Confidence Index grew for both buyers and sellers on a monthly basis, but eased compared to last year.
- 22% of respondents expect a year-over-year increase in buyer traffic in the next three months, an increase from 17% one month ago, but a decline from 24% one year ago.
- 18% of respondents expect a year-over-year increase in seller traffic in the next three months, an increase from 16% one month ago, but a decline from 22% one year ago.
With supply still limited relative to demand in some housing markets, 18% of homes sold above list price, however, this is essentially flat from last month’s 19% and from 18% a year ago:
- Homes listed received an average of 2.2 offers, virtually unchanged from 2.1 last month and from 2.1 one year ago.
- 27% of buyers had all-cash sales, a slight decline from 29% one month ago and up slightly 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 basically unchanged from 5% 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:
- 6% of contracts were terminated in the last three months, essentially flat from 7% one month ago and 6% one year ago.
- 15% of contracts had delayed settlements in the past three months, virtually flat from 14% last month, and from 14% one year ago.
- 5% of contracts were delayed due to appraisal issues, unchanged from 6% one month ago and from 5% one year ago.
First-time buyers represented 30% of buyers, down slightly from 32% last month and unchanged from 30% one year ago. Among all buyers:
- 18% purchased for non-primary residence use, up from 16% last month and from 13% last year.
- 5% were purchased for vacation use, essentially flat from 4% one month ago and from 4% one year ago.
- 1% of sellers sold to an iBuyer, virtually unchanged from 2% one month ago and 2% one year ago.
- 2% of sales were distressed, unchanged from 2% one month and 2% a year ago. 5% were purchased for vacation use, unchanged from 5% one month ago and 5% one year ago.
Contract activity shows no significant changes for buyers:
- 20% of buyers waived the inspection contingency, virtually flat from 20% one month ago and from 22% one year ago.
- 20% of buyers waived the appraisal contingency, flat from 19% one month ago and 21% one year ago.
Buyers continue to look outside of city centers for the majority of their activity at 84%.
