JBREC’s New Index Suggests Housing Market Still Hot
Originally Published by: John Burns Real Estate Consulting By Devyn Bachman, Jody Kahn, and Nicole Luszczak— August 27, 2021
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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.