We are proud to introduce the Burns Resale Housing Market Index (RHMI), a diffusion-based index driven by a proprietary survey of 6,000+ resale agents measuring the overall health and sentiment of national resale housing market fundamentals.
Here’s what we learned from 6,000+ resale agents this month:
- Sales remain strong, with some typical seasonal slowing.
- Prices continue to rise, with 77% of agents sharing that home prices rose month-over-month.
- Investors are very active in the market and cash is king.
- Buyer competition remains fierce, with 59% of contracts receiving multiple offers nationally.
- Down payments are growing, with 42% of agents reporting higher down payments compared to pre-COVID.
The bottom-line: don’t let headline sensationalism fool you. While easing conditions and seasonal shifts in many metros point to less frenzied demand, the market remains strong. This shift may help many industry leaders gradually recalibrate their businesses after roughly eighteen months of panic and chaos. We will continue to monitor supply, demand, and affordability trends across the country to bring you the most timely and accurate real estate market insight.
Here are 4 opportunities for you, 3 of which are free:
- Are you a real estate agent? Now is your chance to weigh in every month and receive a free social media infographic you can repost to accelerate your business. Email Nicole Luszczak today to participate.
- Are you a real estate agency exec? If you can encourage your team to participate, include a question from your leadership and share agent commentary anonymously with you as well. Email Devyn Bachman today to participate.
- Want more insight for free? Follow our company on twitter, where we just reposted a tweet from Rick Palacios Jr. that had some very interesting color, particularly on the difficulties buying entry-level homes. The color confirms the thesis in our Investor Mania 2.0 report.
- Are you an executive who wants to see the whole report every month, along with the rest of our research, so you can make the most informed decisions possible? Email Sara Newton-Mahony and we can make that happen quickly.