Redfin has been described as the next generation “real estate brokerage” by BusinessWire, which made an announcement to reveal the increment of “0.3 percent to 93” in the “Redfin Housing Demand Index” that came out in the month of September 2015 as compared to its last year figures. This has marked the “smallest annual increase” that took place till now this year.
The index of Redfin Housing Demand alone monitors the activity rates of the homebuyers before they make the purchase. It is the one and only such index available in the industry. The index is prepared on the basis of the data available at the home listing pages of Redfin.com wherein:
“...thousands of Redfin customers requesting tours and writing offers in 15 major metro areas”.
As compared to last year’s data, this year the number of customers writing to Redfin had increased by ten percent. The increment came now for the second “month in a row”. However, the rate of the customer requesting “home tours” came down by nine percent, whereby touching bay at twenty three percent in the month of August. However, BusinessWire attributes this change to the fact that:
“...homebuyers are still out there, but they’re frustrated by a lack of choice and high prices. Although new listings are up 5.1 percent from last year, the overall inventory of homes for sale is down 2.8 percent. The typical home in October sells a week faster than it did a year ago”.
The forecast of October and November go like this:
“Redfin’s forecast model, the industry’s earliest forecast of U.S. home values and sales across 15 major metro areas, shows a 4.5 percent increase in prices year over year and a 7.3 percent rise in sales in October.
“Redfin projects that in November home prices will rise 4.3 percent and sales will advance 8.3 percent”.
While, the Chief Economist at Redfin, Nela Richardson informs:
“We’re bullish on sales for the remainder of 2015. Though we think buyers have had enough of over-the-top pricing.”
References:
www.businesswire.com
The index of Redfin Housing Demand alone monitors the activity rates of the homebuyers before they make the purchase. It is the one and only such index available in the industry. The index is prepared on the basis of the data available at the home listing pages of Redfin.com wherein:
“...thousands of Redfin customers requesting tours and writing offers in 15 major metro areas”.
As compared to last year’s data, this year the number of customers writing to Redfin had increased by ten percent. The increment came now for the second “month in a row”. However, the rate of the customer requesting “home tours” came down by nine percent, whereby touching bay at twenty three percent in the month of August. However, BusinessWire attributes this change to the fact that:
“...homebuyers are still out there, but they’re frustrated by a lack of choice and high prices. Although new listings are up 5.1 percent from last year, the overall inventory of homes for sale is down 2.8 percent. The typical home in October sells a week faster than it did a year ago”.
The forecast of October and November go like this:
“Redfin’s forecast model, the industry’s earliest forecast of U.S. home values and sales across 15 major metro areas, shows a 4.5 percent increase in prices year over year and a 7.3 percent rise in sales in October.
“Redfin projects that in November home prices will rise 4.3 percent and sales will advance 8.3 percent”.
While, the Chief Economist at Redfin, Nela Richardson informs:
“We’re bullish on sales for the remainder of 2015. Though we think buyers have had enough of over-the-top pricing.”
References:
www.businesswire.com
