Redfin Housing Demand Index Cooled in October

After a Strong September, Fewer Buyers Toured Homes and Made Offers in October

By Jeff Sorg, OnlineEd Blog

canstockphoto11274308-looking-at-houses(December 1, 2016) – The Redfin Housing Demand Index declined 3.5 percent to a seasonally-adjusted level of 100 in October, according to Redfin (www.redfin.com), the next-generation real estate brokerage.

A level of 100 represents the historical average for the three-year period from January 2013 to December 2015, meaning that current demand is at recent historical norms.

In October, the number of Redfin customers requesting home tours fell 3.7 percent from September, and the number of customers writing offers on homes fell 5.9 percent. Both of these measures posted double-digit increases in September.

One likely culprit is a shortage of homes to choose from, something that has put a damper on homebuyer enthusiasm month after month. Across the 15 metro areas tracked by the Demand Index, the number of homes listed in October was 9.5 percent lower than a year earlier. Those numbers dovetail with the shortages of homes reported in the most recent Redfin Real-Time Housing Market Tracker.

To read the full report, complete with charts, metro-level data and insights from local agents, please visit: https://www.redfin.com/blog/2016/11/housing-demand-cooled-in-october-dropping-to-a-three-year-average.html

Source: Redfin

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About Jeff Sorg

Jeff Sorg is a co-founder of OnlineEd®, an online real estate, mortgage broker, and vocational school founded in 1997, where he also serves as Chief Executive Officer, and School Director. Sorg holds vocational and post-secondary school instructor licenses in several states and has authored numerous real estate continuing education and pre-licensing courses and has been awarded the International Distance Education Certification Center's CDEi Designation for distance education. Memberships include ARELLO (Association of Real Estate License Law Officials), the National Association of REALTORS®, Oregon Association of REALTORS®, and Portland Metro Association of REALTORS®. Awards and service include REALTOR® Emeritus in the National Association, Life Member award in Portland Metro Association and Chairperson of the Oregon Real Estate Forms Committee. OnlineEd® provides real estate, mortgage broker, insurance, and contractor pre-license, post-license, continuing education, career enhancement, and professional development and designation courses over the Internet.