Lauren Bunting

Lauren Bunting

(Aug. 20, 2021) The National Association of Realtors publishes a monthly Realtors Confidence Index (RCI) survey.

The survey gathers on-the-ground information from Realtors based on their real estate transactions in the month. This report presents key results about market transactions. In the month of July, here are some excerpts from the RCI survey:

• On average, a home sold had more than four offers, slightly lower than the average of five offers in last month’s survey.

• With limited supply in the market, homes typically sold within 17 days (24 days one year ago), as buyer competition continues.

• The share of first-time buyers remains unchanged in June at 31 percent (31 percent in the prior month, 35 percent one year ago).

• Due to intense competition, the share of cash sales has increased to 23 percent from one year ago (16 percent one year ago) and the share of buyers making less than 20 percent down payment has decreased to 71 percent (77 percent one year ago).

• The pandemic continues to impact how people live and work. A higher share of buyers, at 87 percent, purchased a property in a suburban, small town, rural, or resort area (84 percent one year ago).

• Realtors expect home prices in the next three months to increase nearly 4 percent from one year ago compared to 5 percent outlook in last month’s survey.

• Respondents expect sales in the next three months to increase nearly 1 percent from last year’s sales level compared to the 2 percent outlook in last month’s survey.

• The Realtors Buyer Traffic Index decreased from 77 in May 2021 to 71 (moderately strong conditions) in June 2021 while the Realtors Seller Traffic Index remains below 50 which is “weak” traffic compared to the level one year ago.

— Lauren Bunting is a licensed Associate Broker with Atlantic Shores Sotheby’s International Realty in Ocean City.

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