Real Brokerage Agent Survey Reflects Continued Optimism Ahead of Anticipated Industry Changes - Seite 2

• Balance of Power Shifts Further Towards Sellers: When asked “Would you consider your primary market to be a Buyer's market, Seller's market, or Balanced market?” 61% percent of agents noted sellers have the upper hand, an increase of 4 percentage points from February, while only 13% of agents believe buyers have the upper hand in their markets.
  
  
• Total North American Home Sale Industry Transactions Expected to Decline Year over Year in March: Real asked agents, “In your primary market, how would you describe the number of transactions closed in March 2024 compared to March 2023?” The average response among survey participants resulted in a weighted index reading of 48.6 on a 0-100 scale, with scores above 50 indicating growth and below 50, a decline. The results suggest a modest decline in total industry transactions across the U.S. and Canada during March 2024 compared to March 2023, with a decline in the U.S. home sales market, while the Canadian market is expected to grow. February’s index reading of 48.6 was slightly below February’s 48.7 level.
  
  

• More Pronounced Decline Expected in the U.S. in March: The total number of U.S. home sale transactions is expected to decline in March 2024 compared to March 2023. Agent responses indicate a more pronounced pace of decline in March relative to February, with the average response among survey participants resulting in a March weighted index reading of 47.3, below the 48.5 level reached in February.
  
  
• Canada Market Growth Accelerates: Agents surveyed in Canada signaled accelerating year-over-year growth compared to February, with the average response among survey participants resulting in the overall Canadian weighted index rising to 62.9 in March from 51.8 in February.
  
  

Affordability and Low Inventory Remain the Biggest Challenges: Challenges for prospective home buyers include affordability/interest rates (47%) and inventory shortages (40%), with economic uncertainty and buyer competition tying for a distant third (each at 5%).

Over One Third of Agents Expect Practice Changes to Improve Commission Rate Transparency: Agents were asked whether they believe (i) a new rule prohibiting offers of buyer broker co-op compensation on the MLS and (ii) a requirement that MLS participants working with buyers enter into written agreements with their buyers, would improve transparency regarding commission rates in real estate transactions. 37% of agents surveyed believe these industry practice changes would improve transparency, compared to 29% who believed the changes would be neutral, and an additional 29% who believed the changes would not improve transparency.