Home seller agents who closed a sale in December 2017 received 2.2 buyer offers, according to the latest monthly survey data. The number of buyer offers has remained the same over the past two years.
The number of homes available for sale in December 2017 was 3.2 months' supply, the lowest level since 1999, causing prices to rise and curbing buyer demand. Indeed, the median home price of existing homes sold rose by 60 percent, according to the National Association of Realtors' data. Under such market conditions, only 20 percent of sellers offered incentives to buyers such as remodeling, offering warranties, and assistance with closing costs.
Nearly half of sellers vacated the property between contract acceptance and closing, followed by 5 percent of sellers who vacated the property after closing, under leaseback terms. The high share of sellers who vacate the property on leaseback terms may, in part, reflect the difficulties home sellers face in buying/moving into a new property or finding another abode.