The market outlook from the latest National Association of REALTORS® (NAR) Confidence Index Survey increased slightly for buyers but was flat for sellers, the group said. 

The monthly sampling of Realtors found that 16% of respondents expect a year-over-year increase in buyer traffic in the next three months, compared to 13% both one month ago and one year ago. On the other hand, 17% of respondents expect a year-over-year increase in seller traffic in the next three months, the same level as one month ago and one year ago. 

In July, 24% of homes sold above list price, down from 29% in the preceding month and 35% a year earlier, and 62% of respondents reported that properties sold in less than one month, a decrease from 65% a month earlier and 74% in July 2023. 

Homes listed received an average of 2.7 offers, compared to 2.9 offers the month before and 3 offers a year ago. 

Due to the lack of housing inventory, the pace of the market and the increased use of technology, 8% of buyers purchased a home based only on a virtual tour without physically seeing the property. This level was essentially flat from 7% a month before and 9% a year ago, NAR said. 

First-time buyers represented 29% of buyers, unchanged from June and down slightly from 30% in July 2023, while 27% of buyers had all-cash sales, compared to 28% the previous month and 26% a year earlier. 

Inspection contingencies were waived by 20% of buyers, while 22% of buyers waived the appraisal contingency.