Homebuyer Demand Dropped Less Than Expected In November In Latest Redfin Report

SEATTLE, Dec. 5, 2013 /PRNewswire/ -- Redfin (www.redfin.com), the technology-powered real estate brokerage, today issued its Real-Time Demand Pulse, the only report in the industry that analyzes housing market demand based on home tour and offer data.

Homebuyer demand declined in November as buyers began to switch their focus toward the holiday season. However, the decline was less significant than last year. Redfin agents reported highly motivated buyers this November, combined with more time to shop for a home due to a late Thanksgiving.

The report, which covers 22 top U.S. real estate markets, showed:

• Redfin customers scheduling home tours fell 7.2% month over month in November 2013, compared to a drop of 11% during the same period in 2012.
• Offers signed by Redfin customers dropped 10.6%  between October and November 2013, compared to a 13.6% drop during the same period last year.
• During the week of Thanksgiving, both tours and offers dropped sharply, with tours down 28.4% and offers down 22.8% from the week prior. This week-over-week drop was sharper than last Thanksgiving, which saw tours and offers fall 27.5% and 17.5%, respectively.

"Buyers in the Inland Empire, Calif. were re-energized and focused in November," said Redfin agent Paul Reid. "With October's budget and debt ceiling mess in the rear-view mirror and the prospect for higher mortgage rates in 2014, many buyers felt like November was a window of opportunity."

In December, house hunting generally takes a back seat to retail shopping and holiday preparations for most buyers. Redfin expects homebuyer demand to drop off dramatically as Christmas nears.

To access the full report on Redfin's blog, click or paste the following link. http://www.redfin.com/research/reports/real-time-demand-pulse

About this Report
Real-Time Demand Pulse is a monthly analysis of thousands of customers touring homes and signing offers in twenty markets across the United States. Redfin is the only major real estate broker storing data in one location about its agent tours and offers, enabling the company to project sales volume for the U.S. without waiting 30 – 45 days for sales to close, or an additional 15 – 30 days for them to be recorded as public record.

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About Redfin
Redfin (www.redfin.com) is a technology-powered real estate broker that represents people buying and selling homes. Founded and run by technologists, Redfin has a team of experienced, full-service real estate agents who are advocates, not sales-people, earning customer-satisfaction bonuses, not commissions. Redfin's online tools feature all the broker-listed homes for sale, as well as for-sale-by-owner properties that don't pay brokers a commission. The company serves 22 U.S. markets and has closed more than $13 billion in home sales. In 2012, Redfin was named one of The DIGITAL 100: World's Most Valuable Private Tech Companies by Business Insider.

SOURCE Redfin

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