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Redfin: Homebuyer Demand Increased Modestly in August Despite Fewer Homes to Choose FromDemand for homes grew for the second month in a row in August, according to Redfin (www.redfin.com), the next-generation real estate brokerage. The Redfin Housing Demand Index, based on thousands of Redfin customers requesting home tours and writing offers, increased 1.7 percent from July to a seasonally adjusted level of 93 in August. The Redfin Housing Demand Index has a benchmark of 100, representing the three-year historical average from January 2013 through December 2015. This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20160927005611/en/ 
Home for sale in Denver (Photo: Business Wire) "Now we're seeing the market catch a new breath after pausing briefly this summer," said Redfin chief economist Nela Richardson (News - Alert). "Buyer demand strengthened for the second month in a row, signaling that the market has some wind in its sails going into the fall. At the same time, the 2016 home-buying season has been less ferocious than it was the past three years. Bidding wars are a tad less frequent, price growth is moderating and even in hot markets homes are sitting on the market a bit longer. All told, this is not a market in decline, it's a market finally finding its normal." The boost in homebuyer activity was driven by a surge in the number of Redfin customers making offers on homes, up 9.8 percent from July. The increase in overall demand would have been higher if not for the fact that the number of customers who requested tours fell by 3.6 percent. Redfin agents report that there is still a very large pool of people in the market to buy a home right now, but there simply aren't enough homes for them to take action on. Inventory across the 15 markets covered by the Demand Index fell 9.4 percent from a year earlier in August, which marked the 15th month in a row of declines. National Highlights
To read the full report, complete with data, charts, insights and methodology, click or paste the following link: https://www.redfin.com/blog/2016/09/demand-strengthened-again-in-august-putting-some-wind-in-the-markets-sail-heading-into-fall.html. See Redfin's data center for the latest updates on the Demand Index.
Connect with Redfin About Redfin Corporation Redfin (www.redfin.com) is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the customer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the most accurate home-value estimate online, the Redfin Estimate. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than $31 billion in home sales to date, and saved customers more than $335 million in fees, and counting. For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, subscribe here.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160927005611/en/ |
