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%.