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Demand Retreats as Housing Heads into Summer

Markets across the nation can expect to see sales soften in June and July, based on early reports from ""Redfin"":http://www.redfin.com/ agents around the country.


Redfin's Real-Time Demand Pulse for June--which actually tracks May data across 20 U.S. markets--shows a [COLUMN_BREAK]

dip in both tour requests and signed offers from customers, despite the fact that inventory has finally started to show growth.

According to reports from agents, the number of Redfin customers requesting tours fell 3.0 percent in May, a larger decline than last year's 2.2 percent. On a weekly basis, tour requests closed May with a 0.9 percent drop compared to an increase of 1.9 percent in 2012.

At the same time, the number of Redfin customers making offers dropped 2.1 percent from April to May, also more than last year's 1.1 percent decline. The Memorial Day holiday weekend contributed to a 24.1 percent decline in signed offers in the month's final week, slightly better than the 30.4 percent decrease recorded last year.

""Months of bidding wars and record-low inventory earlier this year has finally taken a toll on some buyers,"" said Redfin analyst Tim Ellis. ""Rising interest rates are likely discouraging some buyers as well.""


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