Redfin Housing Demand Index Picked Up in July; Still Fell Short of Last Year’s Levels

Homebuyer Demand Up 6% Month Over Month, Down 14% from Last July

San Diego Posted 30% Monthly Increase in Demand; Boston Demand
Fell by as Much

SEATTLE–(BUSINESS WIRE)–Homebuyer demand picked back up in July after posting month-over-month
declines in May and June, 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 5.7 percent from
June to a seasonally adjusted level of 94 in July. The jump in overall
demand was driven by an increase in the number of Redfin customers
requesting home tours, up 14.3 percent from June.

“Buyers continue to be persistent when it comes to giving homes a shot,
checking out what’s coming on the market despite new inventory being few
and far between,” said Redfin chief economist Nela Richardson. “But
strong tour growth isn’t translating into offer growth, so we’ll likely
see a second lackluster month for sales in August.”

National Highlights

• The Redfin Housing Demand Index posted a reading of 94 in July. This
  represents a 5.7% month-over-month increase and a 13.8% year-over-year
  decline in homebuyer demand. July marked the sixth consecutive month
  of year-over-year declines in the Demand Index.
• The number of Redfin customers requesting home tours grew by 14.3%
  from June and by 15.7% from last year.
• The number of Redfin customers writing offers was down by 1.8% month
  over month and essentially flat year over year, up 0.5%.

Metro-Level Highlights

• San Diego posted the biggest month-over-month gain in homebuyer
  demand, up 30.1% in July.
• Boston posted the largest monthly decrease, with the local Demand
  Index down 29.8%.
• San Francisco saw the biggest annual increase in demand, up 54.8%.
• The biggest year-over-year decrease in demand was seen in Oakland,
  down 57.6%.

To read the full report, complete with data, charts, insights and
methodology, click or paste the following link: https://www.redfin.com/blog/2016/08/homebuyer-activity-picked-up-in-july-but-continues-to-fall-short-of-last-years-levels.html.

See Redfin’s data
center for the latest updates on the Demand Index.

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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.

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Contacts

Redfin Journalist Services
Rachel Musiker, 206-588-6863
press@redfin.com