Redfin Housing Demand Index Flattens from May to June

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Buyers Become More Selective and Price-Sensitive as More Homes Hit the Hottest Housing Markets   The Redfin Housing Demand Index fell 0.7 percent month over month to 120 in June. The decline was driven by a 2.2 percent decrease in the seasonally adjusted number of homebuyers requesting tours, and a 12.2 percent decrease in the number making offers on homes … Read More

Despite Record-High Costs, New Home Construction Showed Modest Growth in the Fourth Quarter

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var divElement = document.getElementById(‘viz1519851892823’); var vizElement = divElement.getElementsByTagName(‘object’)[0]; vizElement.style.width=’800px’;vizElement.style.height=’650px’; var scriptElement = document.createElement(‘script’); scriptElement.src = ‘https://public.tableau.com/javascripts/api/viz_v1.js’; vizElement.parentNode.insertBefore(scriptElement, vizElement); New construction homes in the fourth quarter of 2017 accounted for 16.4 percent of all single-family homes for sale, the highest level since Redfin began tracking this data in 2012, up from from 14.2 a year earlier. This is a needed sign … Read More

Here’s the #1 Reason It’s so Hard to Find an Affordable Home

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var divElement = document.getElementById(‘viz1508904329532’); var vizElement = divElement.getElementsByTagName(‘object’)[0]; vizElement.style.width=’800px’;vizElement.style.height=’650px’; var scriptElement = document.createElement(‘script’); scriptElement.src = ‘https://public.tableau.com/javascripts/api/viz_v1.js’; vizElement.parentNode.insertBefore(scriptElement, vizElement); Today’s new construction homes become tomorrow’s housing market. Without affordable new construction, we find ourselves in a housing market marked by low inventory, high prices and bidding wars—and one where first-time homebuyers are often priced out. The average price of a new … Read More

Homes Sold Faster than Ever in April; Prices Marched Upward

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The median home sale price increased 6.2 percent in April to $280,000, continuing a five-year trend of steady annual growth. A lack of homes for sale kept a lid on sales, which inched up just 1.2 percent compared to last year. The number of homes for sale fell 13.3 percent, the steepest decline in four years. Since October 2015, the … Read More

Movement Out of California Was the Most Influential Driver of U.S. Migration Patterns in Early 2017

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In an analysis of a sample of nearly one million Redfin.com users searching for homes across 75 metro areas in the first three months of 2017, we found that one in five (19.8%) searched mostly1 for homes outside their home metro2. Among them, about half searched exclusively in other metros. Three trends dominated the migration patterns seen in Redfin.com user … Read More

Affordability Is Homebuyers’ Biggest Concern, Particularly Among Millennials

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This summer, worries about housing affordability are growing more predominant, according to a Redfin survey of more than 1,800 homebuyers conducted in August. More than 28 percent of homebuyers said “prices are rising or are too high,” when asked their biggest concern about the housing market, the highest number in the past year. The gap between affordability and other concerns … Read More

Supply Shortage Continues to Squeeze Homebuyer Demand, Down 17 Percent in June

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Homebuyer demand fell 17 percent in June, the fifth-consecutive month of year-over-year declines in early-stage homebuyer activity. The Redfin Housing Demand Index, based on thousands of Redfin customers requesting home tours and writing offers, fell 7 percent from May to a seasonally adjusted level of 88 in June. Today Redfin unveils an improved version of its Demand Index, which tracks … Read More