Burns Resale Housing Market Index | John Burns Real Estate Consulting

Burns Real Estate Agent Survey

The Burns Real Estate Agent Survey gauges the pulse of the resale housing market in the US. The Burns Resale Housing Market Index (RHMI) is based on a proprietary monthly survey of real estate agents nationally.

Survey of 1,500 Resale Agents Indicates Summer Slump Worse Than Norm

July 2022
All our resale agent survey metrics point to a quickly cooling housing market, led by rapid deterioration of the current sales rating, scoring much weaker vs. agents’ expectations for seasonal norms.

In general, across the survey (conducted from July 6–19), Florida and the Southeast are holding up better, while Northern California, the Southwest, and the Northwest underperform.

The majority of resale agents indicate that home prices are trending flat or decreasing.

  • Only 26% of agents nationally indicate prices mostly increased in June, down from 53% in May and plummeting from the February peak of 89%. We expect more agents will shift to mostly decreasing ratings as the commentary reveals many sellers reducing prices in July.
  • Just 39% of transactions received multiple offers in June, dropping from 51% in May.

With the shifting pricing environment in mind, we asked agents to share more insight on price reductions in our Question of the Month, including the magnitude:

  • 16% of agents nationally report sellers reducing list prices over the last 60 days, reaching as high as 29% in the Southwest and Northern California.
  • In terms of magnitude, sellers on average only reduced their listing price by -3% over the last 60 days.
  • 52% of agents report sellers holding prices, suggesting many sellers remain reluctant to capitulate as demand cools. We expect this attitude will change over the coming months as sellers adapt to reality.

The Latest Burns Real Estate Survey Report is Now Available
Monthly Distribution

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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 Burns Real Estate Agent Survey or if you would like find out how to participate, please contact Devyn Bachman, Senior Vice President of Research at surveys@realestateconsulting.com.