Most U.S. home buyers say prices rose or stayed constant

October 31, 2018 12:09 pm

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).

Source: https://www.nar.realtor/research-and-statistics/research-reports/realtors-confidence-index