More homes are being sold for at or above the list price, according to the latest REALTORS® Confidence Index Survey, a survey of real estate pros on their most recent transactions. Thirty-seven percent of properties that closed in February sold at or above the list price, according to the survey. A year ago, 35 percent of properties sold at or above the list price. From January 2012 through 2015, about a quarter of homes would sell for at or above the list price.
“Buyer demand continues to outpace supply of homes being listed for sale in the market, sustaining the upward pressure on home prices,” the National Association of REALTORS® reports at its Economists’ Outlook blog.
Seventeen percent of the properties were sold at a premium over the list price in February, according to the March 2018 REALTOR® report. Of those, 87 percent sold at 101 to 110 percent of the list price; 7 percent sold for 111 to 120 percent of the list price; and 5 percent sold for more than 120 percent of the list price.
Buyers will likely be paying even more in the coming months. Many real estate professionals expect home prices to continue to rise over the next 12 months, with real estate pros in the western region of the U.S. the most upbeat about prices rising by 5 percent or more in that time.
Source: “More Properties Were Sold at or Above the List Price in March 2018,” National Association of REALTORS® Economists’ Outlook blog (May 8, 2018)
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