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Homebuyer Demand Softens in June

Homebuyer interest diminished somewhat in June, according to ""Redfin's"":http://www.redfin.com/ Real-Time Demand Pulse.


The tracker measures the number of Redfin customers requesting tours and making signed offers as reported by the brokerage's agents.


According to the findings, the number of customers taking tours fell 1.9 percent month-over-month in June, sinking even further than the 1.5 percent drop recorded last year. For the last week of the month, Redfin reported a 2.7 percent decline in tour requests from the prior week (compared to a 2.3 percent decline the same week in 2012).

Meanwhile, the number of customers making offers dropped 5.0 percent from May to June, slightly more than last year's 3.2 percent decrease. Week-over-week, offers closed June with a 1.2 percent increase, far less than the 4.8 percent weekly increase last year.

""The slack in demand reflects buyer reactions to climbing interest rates and home prices, which are pricing some buyers out of the market,"" said analyst Tim Ellis. ""This points toward a continued softening of sales through the summer.""

With closed sales typically peaking each year in June, Redfin expects continued monthly declines in touring and home offers through the end of 2013.


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