NAR: July REALTORS® Confidence Index

Sellers, cash buyers retain the upper hand

Despite lagging sales, current homeowners remain in a strong position, continuing to benefit from the home price appreciation of recent years. Earlier this spring, NAR's data showed that price growth has helped the typical homeowner accumulate about $128,000 in housing wealth over the past six years alone.

Housing inventories remain limited in many markets, allowing sellers to retain an advantage in pricing their home while buyers contend with fewer choices this summer. The number of homes for sale in July fell 1.9% compared to June, and inventories are down 0.6% from July 2025's already low levels. Up against little competition, owners are selling relatively quickly: Nationally, median time on market in July was 29 days, according to NAR's latest data.

Entering the housing market remains tough for first-time buyers. Without equity from a previous home sale to put toward a purchase, many are having a hard time competing as higher prices and mortgage rates stretch affordability. First-time buyers comprised 29% of existing-home sales in July, down from 33% in June but still up from 28% a year ago, according to the July 2026 REALTORS® Confidence Index Survey. Meanwhile, investors, second-home buyers and repeat buyers who can leverage cash from a previous sale are using their buying power: About a quarter of the market in June and July paid cash.

Source: https://www.nar.realtor/research-and-statistics/research-reports/realtors-confidence-index