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 reached a 74 out of 100 reading in August 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
Feedback from roughly 5,000 agents across 497 markets revealed that August resale sales and pricing conditions softened slightly from July.
- The Burns Current Resale Home Sales Index fell from 65 to 62. Anything above 50 is strong.
- Prices continue to rise. 68% of agents report rising prices vs. only 5% reporting declining prices. 77% report rising prices last month.
- Bidding wars continue. Agents report that 53% of purchase contracts involved multiple offers, cooling from 59% in July.
- Cash is king. 47% of agents report rising cash offers YOY, with single-family landlords comprising 17% of the cash offers and affluent buyers relocating from another area comprising 27%.
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.