Redfin today is unveiling its new Housing Demand Index, a new service that it calls the industry’s “first and only measure of homebuyer activity prior to purchase.”
Based on visits to Redfin.com as well as factors such as home tour requests, median price on new listings and offers from Redfin customers, the Index covers 15 markets in the U.S.
The company joins a number of organizations that are attempting to provide analysis and data on the changing dynamics of the U.S. housing industry.
And what has Redfin found in its first report?
Things may be slowing down. The Index showed the smallest increase for the month of June
“Homebuyers are still touring in force, but they’re more price sensitive,” said Nela Richardson, Redfin chief economist. “Fewer are making offers, and when they do, they’re buying less expensive homes. The median list price of pending homes fell by $10,000 to $300,000 in just the last two weeks.”
Redfin says this year’s seasonal slowdown is more acute “due to buyer fatigue over high prices and low selection” as well as increasing mortgage rates.
Here are the 15 markets that Redfin is analyzing: Atlanta, GA; Austin, TX; Baltimore, MD; Boston, MA; Chicago, IL; Denver, CO; Los Angeles, CA; Oakland, CA; Orange County, CA; Phoenix, AZ; Portland, OR; San Diego, CA; San Francisco, CA; Seattle, WA; Washington, DC
