•  Confidence Index for buyers was flat from a year ago but up for sellers:
  
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• 22% of respondents expect a year-over-year increase in buyer traffic in the next three months, down from 26% one month ago and flat from 22% one year ago.
• 22% of respondents expect a year-over-year increase in seller traffic in the next three months, down from 26% last month and up from 16% one year ago.

With supply still limited relative to demand, 27% of homes sold above list price, down from last month (29%) and a year ago (33%):

• 68% of respondents reported that properties sold in less than one month, up from 60% a month ago and down from 73% in April 2023.
• Homes listed received an average of 3.2 offers, up from last month (3.1 offers) and from one year ago (3.1 offers).
• Due to the lack of housing inventory, the pace of the market, and the use of technology, 6% of buyers purchased a home based only on a virtual tour, showing, or open house without physically seeing the home. This is flat from 6% one month ago and down slightly from 8% one year ago.

Contracts typically closed in 30 days, the same as last month and one year ago. But some faced delays or termination:

• 4% of contracts were terminated in the last three months, similar to one month and one year ago.
• 11% of contracts had delayed settlements in the past three months, similar to last month and one year ago.
• 6% of contracts had delayed settlement due to appraisal issues, virtually unchanged from last month and one year ago.

First-time buyers represented 33% of buyers, up from 32% in March 2024 and 29% in April 2023. Among all buyers:

• 16% purchased for non-primary residence use, up slightly from 15% last month and down slightly from 17% last year.
• 5% were purchased for vacation use, unchanged from one month ago and down slightly from 7% one year ago.
• 1% of sellers sold to an iBuyer, virtually unchanged from one month and a year ago.
• 2% of sales were distressed, flat from one month and up slightly from 1% one year ago.

Contract activity remains competitive:

• 28% of buyers had all-cash sales, flat from one month and one year ago.
• 19% of buyers waived the inspection contingency, down from 22% one month ago and 21% one year ago.
• 18% of buyers waived the appraisal contingency, down from 25% one month ago and flat from a year ago.

Buyers continue to look outside of city centers for the majority of their activity at 82%.