by Calculated Risk on 7/23/2021 11:40:00 AM
Some interesting information from the REALTORS(R) Confidence Index Survey June 2021
Several metrics indicate that demand is softening although the market is still broadly strong. With limited
supply in the market, homes typically sold within 17 days (24 days one year ago), as buyer competition
continues. However, the REALTORS(R) Buyer Traffic Index decreased from 77 in May 2021 to 71 (moderately
strong conditions) in June 2021 while the REALTORS(R) Seller Traffic Index remains below 50 which is “weak”
traffic compared to the level one year ago. On average, a home sold had more than 4 offers, slightly lower than
the average of 5 offers in last month’s survey. REALTORS(R) expect home prices in the next three months to
increase nearly 4% from one year ago compared to 5% outlook in last month’s survey. Respondents expect
sales in the next three months to increase nearly 1% from last year’s sales level compared to the 2% outlook in
last month’s survey.
This map, from the June NAR report, shows buyer traffic is still “moderately strong” to “very strong” just about everywhere.
However this is less demand than a few months ago.
As the NAR noted: “demand is softening although the market is still broadly strong”.
In April, buyer traffic was very strong just about everywhere.