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.
Sellers Drop Prices as 30+ Day Listings Rise
According to our national survey of 1,000+ resale agents run November 3–21:
- 53% of agents nationally indicate home prices mostly decreased during October, as sellers attempt to spur sales and complete transactions before rising rates cool the market further.
- 48% of agents nationally indicate buyers outnumber sellers, down from 90% last October.
- More price reductions are expected in 2023, which could bring higher sales volumes per agents we surveyed, lifting our Expected Sales Index slightly. Mortgage rates dipped in November when our survey was active, possibly influencing agents’ mindset.
- Just 9% of agents rate current resale home sales as better than normal in October versus 64% reporting worse than normal current sales rates. Again, Northern and Southern California agents report the weakest current sales environment, likely influencing their poor expectations for the next six months.
Icy weather and holiday distractions historically usher in a few months of weaker demand. We must remember this seasonal slowdown as we evaluate the current resale market, after over two years of virtually no seasonality.
However, rapid mortgage rate hikes and continued economic uncertainty are likely slowing the market more than seasonal norms. Demand may pick up slightly in the new year as more sellers drop prices and the economic outlook becomes clearer.
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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.