Monday Market Update: Results From The Realtors® Confidence Index (RCI)
FTHBs and cash buyers represent nearly the same percent of buyers month-over-month and year-over-year.
If you want to know what real estate agents who are active in the market right now are seeing in their monthly transactions – this is the report for you! The Realtors® Index Confidence Survey gathers “on-the-ground information from REALTORS® based on their real estate transactions in the month." While you may expect to see drastic changes in rates of first-time homebuyers (FTHBs) and cash purchasers, prepare to be surprised.
*Note that this data is indicative of national averages; regional and micro market conditions vary greatly so we encourage you to use this data as information to know, that may or may not reflect your own community market trends.
BUYERS
| FTHB’s represent 29% of home buyers, the same rate both as March 2023 and April 2022
| Cash buyers represent 28% of buyers, nearly unchanged from March 2023 and 2% more than April 2022.
| 17% of homes purchased are for non-primary residence use, another unchanged figure from last month and last year
CONTRACT ACTIVITY
| 73% of properties sold in less than one month, compared to 65% last month and 88% in April 2022
| Listed homes received an average of 3.1 offers, identical to 3.2 last month and down from 5.5 last year
| 21% of buyers waived inspection contingencies, no change from last month and down from 25% last year
To read the report highlights, click here.
To read the report in full, click here.
As always, thank you to NAR® for providing more relevant and timely data as an accurate market gauge of who the buyer pool is and how much it has changed (or not!), and how prices and contract considerations are trending. Remember that the right time to make a move is when it is right for you – please do not let media headlines or sensationalist coverage stop you from seeing the actual data.
All my best,
Bobbi
Bobbi & Team
Bobbi Decker
DRE#00607999
Broker Associate, Bobbi Decker & Associates
650.346.5352 cell
650.577.3127 efax
www.bobbidecker.com
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