Tag Archives: Redfin

The frenzy that has characterized the 2013 housing market has officially come to a close, Redfin says in its latest Real-Time Price Tracker. The tech-powered brokerage reported a seasonal drop in home sales, prices, and inventory in September, though the recovery's strength is still evident in year-over-year gains. Current trends point to continued declines in the months ahead--an expected turn as demand from homebuyers starts to slow down in fall and winter.

Real estate agents say the housing market is beginning to shift from seller control, and they expect price gains to moderate over the next several months, according to the latest survey from Redfin.

Redfin reported another slip in homebuyer demand in August, with both home tours and offers declining.

Ascending mortgage rates are starting to weigh on homebuyers nearly as much as low inventory, according to Redfin's Real-Time Homebuyer Survey. Out of homebuyers polled, 63 percent said rates have impacted their ability to buy a home at least "somewhat." When asked how rates have affected their home search, 33 percent said they're speeding up their search before rates get too high, 20 percent said they're slowing their search, and 1 percent have stopped looking altogether.

After observing a slowdown in sales throughout June--typically the peak selling month for the year--online brokerage Redfin reported a rebound in July, though other market indicators continue to cool. According to Redfin's data, "this July saw a healthy jump in homes sold throughout most of the 19 markets covered in this report," improving 3 percent month-over-month and 17.6 percent year-over-year from a rather disappointing July 2012. At the same time, reports on home price growth and inventory were less positive in July.

The housing market experienced another downshift in July, with the number of homes under contract within two weeks falling to under 30 percent.

According to Redfin's Real-Time Demand Pulse for August, the brokerage's agents continue to report declines in both the number of customers touring homes and the number of signed offers.

The real estate market continued to slow its pace in June as inventory growth eased pressure for buyers to act fast, Redfin revealed in its Fastest Real Estate Markets Report. According to Redfin's data, the percentage of homes under contract within 14 days fell to 30.5 percent nationwide in June, down from 31.9 percent in May. However, things are still moving faster than they were last June, when only 23.2 percent of homes went under contract that quickly.

While rising mortgage rates have set potential homebuyers scrambling, a poll from Redfin finds sellers are also concerned about the development. According to the survey, 47 percent of sellers said they are worried about a spike in rates driving down buyer demand, up from 23 percent in the last poll. An increasing percentage of homeowners are also anticipating larger price gains, though concerns over rising prices eased, falling from 32 percent to 29 percent quarter-over-quarter.

According to data reported by Redfin agents operating in 19 U.S. markets, June sales were down 4.7 percent compared to May, though they were still 2.7 percent up year-over-year. Home prices, on the other hand, continued to climb, coming in 4.3 percent higher than May and 18.7 percent higher year-over-year. Every one of the markets tracked in Redfin's report saw prices rise both on a monthly and yearly basis. Inventory also posted another solid gain in June, rising 2.4 percent month-over-month.