REALTORS® Confidence Index

Key Findings

Days on market fall to 22 days from 24; sellers received an average of 2.9 offers; 29% of homes sold above the list price.

The Market Outlook from the REALTORS® Confidence Index for buyers declined slightly but is up for sellers:

13% of respondents expect a year-over-year increase in buyer traffic in the next three months, down from 20% one month ago and down from 15% one year ago.
17% of respondents expect a year-over-year increase in seller traffic in the next three months, down from 21% last month but up from 12% one year ago.

With supply still limited relative to demand, 29% of homes sold above list price, virtually flat from last month’s 30% but down from 33% a year ago:

65% of respondents reported that properties sold in less than one month. This is nearly flat from a month ago (67%) but down from 76% in June 2023.
Homes listed received an average of 2.9 offers, flat from 2.8 offers last month and down from 3.5 offers one year ago.
Due to the lack of housing inventory, the pace of the market, and the use of technology, 7% of buyers purchased a home based only on a virtual tour, showing, or open house without physically seeing the home. This is flat from 8% one month ago but down from 10% 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 one month ago and one year ago.
13% of contracts had delayed settlements in the past three months, flat from last month but one year ago.
7% of contracts were delayed due to appraisal issues, unchanged from last month and down slightly from 8% one year ago.

First-time buyers represented 29% of buyers, down from 31% in May 2024 but up from 27% in June 2023. Among all buyers:

16% purchased for non-primary residence use, flat from last month and down from 18% in June 2023.
5% were purchased for vacation use, unchanged from one month and down from 7% one year ago.
1% of sellers sold to an iBuyer, unchanged from one month and one year ago.
2% of sales were distressed, flat from both one month and one year ago.

Contract activity remains competitive:

28% of buyers had all-cash sales, flat from one month ago but up from 26% one year ago.
20% of buyers waived the inspection contingency, down from 22% one month ago and down from 25% one year ago.
24% of buyers waived the appraisal contingency, up from 20% one month ago but virtually unchanged from 25% in June 2023.

Buyers continue to look outside of city centers for the majority of their activity at 88%.