Three Months Ago, The "Current Market Conditions" Survey Showed That Overall The U.S. Housing Market Was Displaying A Rare Balance Between Buyer Demand And Seller Supply For The First Time In Eight Years. The Latest Quarterly Survey Shows That Equilibrium Has Been Achieved -- 41 Of Real Estate Agents Said More Buyers Than Sellers; 40 Said There Were More Sellers Than Buyers, And 19 Reported A 50-50 Balance. Most Notable Exceptions Are In The Northeast, Chicago Metro Area, And In The Western States. (See Second Quarter Chart.) Home Buyers Outnumber Sellers By Considerable Margins In Chicago And The West, While Sellers Outnumber Buyers In The Northeast. Additional Proof Of A Balanced Nationwide Housing Market Between Buyers And Sellers Was Reported By The National Association Of Realtors, Which Estimated A 6.5 Month Supply Of Unsold Homes In Its May Report. An Inventory Supply Of 5.5 To 6.0 Months Is Considered Balanced. The Second Quarter National Survey Also Found:Fifty-six Percent Of Real Estate Agents Said It Is Now On Average, Taking More Than 60 Days From Listing To Contract To Sell A House. This Is Up From 55 In The First Quarter And 35 A Year Ago. Twenty- Eight Percent Said It Is Taking More Than 90 Days To Contract. Only 15 Of Existing Homes For Sale Are Selling In 30 Days Or Less. Housing Inventories Are Continuing To Increase: 86 Now Report A Good Supply Of Homes In Virtually All Price Ranges. This Is Up From 81 In The First Quarter And 38 A Year Ago.Sixty-six Percent Of Member Agents Reported That Annual Home Price Appreciation Is Now Five Percent Or Less. This Is Down From 8-10 A Year Ago. Home Price Appreciation Of More Than 10 Is Now 16, On Average.The Percentage Of Home Sellers Getting 95 Or More Of Asking Prices Is Currently 68, Compared To 90 A Year Ago. Three Months Ago It Was 75.Multiple Offers From Home Buyers Are Also Down Substantially. Currently, The Estimate Is 32. It Was 39 In The First Quarter And 70 A Year Ago.First-time Buyers Still Account For One Of Three Homes For Sale Nationally. Repeat And Move-up Buyers Are Most Active In Higher Priced Real Estate Markets. Recent Home Price Appreciation And Rising Mortgage Rates Interest Rates Have Had Only A Minimal Negative Effect On First-time Buyers, On Average. Exceptions Are Marginal Qualifiers."We Welcome A Balanced, More Orderly Marketplace For Both The Consumer And Real Estate Professionals," Said Michael Bearden, President And CEO Of HouseHunt, Inc. "Double-digit Price Appreciation Is Simply Not Sustainable For A Multi-year Period And Will Eventually Drive Away Entry Level Buyers." Second Quarter Current Market Conditions Survey: Regional Results U.S. South Midwest Northeast West California ChicagoMore Buyers 41 40 49 30 47 39 50 More Sellers 40 44 30 50 34 41 1950-50 19 16 21 20 19 20 31Time On Market:0-60 Days 44 35 31 48 49 49 35More Than 60 Days 56 65 69 51 51 51 65Sale Vs. Ask Price:90-95 35 35 29 37 26 29 3495 -100 Plus 65 65 71 63 74 71 66Annual Apprec.:5 Or Less 66 57 70 73 65 75 615-10 18 30 20 19 15 11 31More Than 10 16 13 10 8 20 14 8Inventory:Good Supply 86 86 90 96 83 90 92Limited Supply 14 14 10 4 17 10 8Multiple Offers:Yes 32 35 33 34 32 18 55No68 65 67 66 68 82 45Activity:First Time Buyers 33 34 41 47 42 44 35Move-Up Repeat 67 66 59 53 58 56 65California Survey Percentages Are Included In Both U.S. And West Results.Chicago Metro Survey Percentages Are Included In Both .U.S. And Midwest Results.
