The National Association of Realtors (NAR) give us real data we can use concerning the real estate market, and not fluff/half truths we hear and read in the news. The following data is from the Realtors Confidence Index (RCI). What does the data show?
First time home buyers represent 29% of current home buyers, which is the same rate in both March 2023 and April 2022. Cash buyers represented 28% of buyers which was basically unchanged from March 2023 and 2% more than April 2022. 73% of properties sold in less than 30 days, 65% last month, 88% in April 2022. Homes listed received an average of 3.1 offers, virtually unchanged from last month and slightly down from 5.5 offers in April 2022.
This data is even more so interesting since numbers haven’t changed much from April in 2022 when interest rates where near an all-time low, and inventory numbers were higher! Now with higher interest rates and less inventory, Buyers and Sellers are still as active as they were a year ago!
Buyers, that being families or investors, continue to purchase real estate, the numbers show this, real data helps us make purchasing or selling decisions and not from being influenced by media half-truths or even from well-intentioned family members. If you are ready to explore your options, please get in touch with me.
Where to read the data: https://www.nar.realtor/research-and-statistics/research-reports/realtors-confidence-index
