Most U.S. home buyers say prices rose or stayed constant in September 2018, a new survey shows.
Homes are now selling more quickly. Properties are typically on the market for 32 days in September 2018, two days less than a year ago.
In total, 81% of U.S. home buyers say prices rose or stayed constant compared to levels one year ago (85% in September 2017).
The major issues affecting transactions in September 2018 are low inventory and interest rates.
First-time buyers accounted for 32% of sales, 3% more than last year. Cash sales accounted for 21% of sales, 1% more than September 2017.
Homes in Florida were on the market for a median of between 31-45 days
The Realtors® Confidence Index examines the strength of the housing market strength based on a monthly survey sent to over 50,000 real estate practitioners.
Realtors are asked about their expectations for home sales, prices and market conditions.
The Realtors® Confidence Index for Six-Month Outlook Current Conditions was 53 for detached single-family, 44 for townhome, and 43 for condominium properties. An index above 50 indicates market conditions are expected to improve.
Sales of distressed properties (foreclosed or sold as a short sale) accounted for 3% of sales. This compares with 4% in September 2017.
From July–September 2018, 74 % of contracts settled on time (1% less than in September 2017).