REALTORS® Confidence Index

Key Findings

All cash buyers remain elevated at 29%. The number of offers received by sellers jumped to an average of 2.6 from 2.1 but is flat from one year ago.

The Market Outlook from the REALTORS® Confidence Index for buyers and sellers has been flat since last month.

26% of respondents expect a year-over-year increase in buyer traffic in the next three months, flat from 27% one month ago, but down from 36% one year ago.
27% of respondents expect a year-over-year increase in seller traffic in the next three months, flat from 27% one month ago and 28% one year ago.

With supply still limited relative to demand, 15% of homes sold above list price, virtually unchanged from last month’s 16% and from 16% a year ago:

47% of respondents reported that properties sold in less than one month. This is down slightly from a month ago (49%) and down from 53% one year ago.
Homes listed received an average of 2.6 offers, up from 2.1 last month and essentially flat from 2.7 one year ago.
29% of buyers had all-cash sales, virtually unchanged from 28% one month ago and down from 32% one year ago.
Due to the lack of housing inventory, the pace of the market, and 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. While virtually unchanged at 6% from one month ago, when it was 5%, it is up from 3% 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 7% one year ago.
15% of contracts had delayed settlements in the past three months, virtually unchanged from 16% last month, but up from 13% one year ago.
5% of contracts were delayed due to appraisal issues, flat from 5% one month ago and 5% one year ago.

First-time buyers represented 28% of buyers, down from 31% last month and flat from 28% one year ago. Among all buyers:

17% purchased for non-primary residence use, virtually flat from 16% last month and unchanged from last year.
5% were purchased for vacation use, essentially flat from 4% one month ago and up from 3% one year ago.
2% of sellers sold to an iBuyer, up slightly from under 1% one month ago and 1% one year ago.
3% of sales were distressed, up slightly from 2% one month and from 2% a year ago.

Contract activity shows some signs of a slightly easier market for buyers:

18% of buyers waived the inspection contingency, down from 20% one month ago and from 21% one year ago.
17% of buyers waived the appraisal contingency, with little movement from 18% one month ago and from 16% one year ago.

Buyers continue to look outside of city centers for the majority oftheir activity at 84%.