Key Findings
Days on market lengthened to 31 days. Number of offers on a listed home rebounded to 2.5. Investors jumped to the highest level last seen in February 2024.
The Market Outlook from the REALTORS® Confidence Index strengthened for buyers and eased for sellers on a monthly basis.
- 19% of respondents expect a year-over-year increase in buyer traffic in the next three months, up from 16% one month ago but flat from 19% one year ago.
- 19% of respondents expect a year-over-year increase in seller traffic in the next three months, down from 21% one month ago but up from 18% one year ago.
With supply still limited relative to demand, 20% of homes sold above list price, however, this is flat from last month’s 21% and from 20% a year ago:
- 56% of respondents reported that properties sold in less than one month. This is relatively unchanged from a month ago (58%) and down from 60% one year ago.
- Homes listed received an average of 2.5 offers, down from 2.1 last month and from 2.4 one year ago.
- 28% of buyers had all-cash sales, down slightly from 31% one month ago and the same as one year ago.
- Due to the use of technology, 4% of buyers purchased a home based only on a virtual tour, showing, or open house without physically seeing the home. This is down slightly from 9% one month ago and 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:
- 6% of contracts were terminated in the last three months, flat from 6% one month ago and 5% one year ago.
- 14% of contracts had delayed settlements in the past three months, relatively flat from 13% last month, and from 14% one year ago.
- 6% of contracts were delayed due to appraisal issues, virtually unchanged from 7% one month ago and from 6% one year ago.
First-time buyers represented 28% of buyers, unchanged from 28% last month and up slightly from 26% one year ago. Among all buyers:
- 21% purchased for non-primary residence use, virtually unchanged from 28% last month and up slightly from 19% last year.
- 5% were purchased for vacation use, essentially flat from 6% one month ago and down slightly from 7% one year ago.
- 2% of sellers sold to an iBuyer, virtually unchanged from 1% one month ago and 2% one year ago.
- 2% of sales were distressed, unchanged from 2% one month and up slightly from 1% a year ago.
Contract activity shows no significant changes for buyers:
- 18% of buyers waived the inspection contingency, down from 23% one month ago and flat from 18% one year ago.
- 24% of buyers waived the appraisal contingency, up from 22% one month ago and 20% one year ago.
Buyers continue to look outside of city centers for the majority of their activity at 86%.
