|November 29, 2017|
|Redfin Housing Demand Index Hit New High in September|
SEATTLE — The Redfin Housing Demand Index increased 4.3 percent from last month to a seasonally adjusted level of 134* in September, according to Redfin (www.redfin.com), the next-generation real estate brokerage. This was the highest level of homebuyer demand recorded since Redfin began tracking this data in January 2013
The Demand Index is based on thousands of Redfin customers requesting home tours and writing offers. A level of 100 represents the historical average for the three-year period from January 2013 to December 2015.
The seasonally adjusted number of buyers requesting home tours and writing offers increased August to September, up 5.3 percent and 2.4 percent respectively. Year over year, tour activity increased 42.3 percent, while offer activity grew by 8.2 percent.
“Mortgage rates reached a low point for the year in September, which likely increased buyer enthusiasm to purchase for the month,” said Redfin chief economist Nela Richardson. “Though lower rates are good news for buyers, inventory continues to be a huge challenge. There were 14 percent fewer new listings hitting the market last month than in August. That was the largest month-over-month decline in new listings that we’ve seen in 2017.”
Across the 15 metros covered by the Demand Index, there were 14 percent fewer homes for sale in September than there were a year prior, and there was a 0.9 percent decline from August.
*Note: Demand Index data from 10/24/2017
To read the full report, including metro-level demand charts, please visit: https://www.redfin.com/blog/2017/11/redfin-housing-demand-index-hit-new-high-in-september.html