Burns Resale Housing Market Index | John Burns Real Estate Consulting

Resale Housing Market Index (RHMI)

The Burns Resale Housing Market Index (RHMI) is a diffusion index driven by a proprietary survey of real estate agents, which measures the overall health and sentiment of national resale housing fundamentals.


The RHMI remained at a 73 out of 100 reading in October 2021.

The scale is 0 to 100, with below/above 50 = contracting/expanding. The index comprises three subindices that compare current fundamentals to seasonal norms:

  • Current sales activity
  • Expected sales activity in the next six months
  • Demand and Supply

October’s resale market remained steady, albeit seasonally slower, with demand and pricing trends well above norm, according to feedback from roughly 4,500 agents across 438 markets.

Current and expected resale housing market conditions are relatively unchanged nationally over the last three months. Regional differences, however, are starting to emerge, namely around pricing trends:

  • National pricing power is steadying. 63% of agents report mostly rising prices, unchanged from last month.
    • Actual price decreases remain rare (just 6% of agents).
  • Regions with the strongest pricing power include the Southeast, Texas, Florida, Southern California, and the Southwest.
  • Regions with the weakest pricing power include the Midwest, Northeast, Northern California, and Northwest (driven mainly by weakening conditions in Boise).

All-cash sales are rising, driving by a large uptick MOM in Florida.

  • Agents in Naples, Sarasota, West Palm Beach, Palm Bay, Fort Lauderdale, and Port St. Lucie report 40%+ all-cash sales.

51% of contracts received multiple offers. Markets with the largest percentage of homes receiving multiple offers include:

  • Memphis and Indianapolis = 90%
  • Raleigh-Durham = 81%
  • Orange County and Riverside-San Bernardino = 77%

Our Question of the Month asked agents about listings that have remained on the market for more than 30 days.

Key findings include:

  • Only 10% of homes listed over the last three months have remained on the market for more than 30 days.
    • 57% of agents nationally report that none of their listings are sitting on the market for more than 30 days.
  • Of the listings that have remained on the market for over 30 days, only 35% of agents are cutting prices.

Burns Resale Housing Market Index (RHMI) Subindices

The three subindices below generate the overarching index. They measure current and expected sales compared to seasonal norms, as well as demand and supply conditions.

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About John Burns Real Estate Consulting

John Burns Real Estate Consulting is an independent research provider and consulting firm focused on the housing industry. John Burns founded the company in 2001 because he saw a need for better analysis on the housing market. The company has grown to a highly passionate team of research analysts and consultants in offices across the country, who work together to provide the most trusted source of US housing analysis. John Burns Real Estate Consulting’s research subscribers receive the most accurate analysis possible to inform their macro investment decisions, and the company’s consulting clients receive specific property and portfolio investment advice designed to maximize profits.


Devyn Bachman If you have any questions about the RHMI or if you would like find out how to participate, please contact Devyn Bachman, Vice President of Research at surveys@realestateconsulting.com.