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Tag Archives: Redfin

Demand Continues to Cool in July

According to Redfin's Real-Time Demand Pulse for August (using July data), the brokerage's agents continue to report declines in both the number of customers touring homes and the number of signed offers. Both metrics have been on a downward slope since peaking in April. ""Although there are finally more homes for sale to satisfy pent-up demand after months of historically low inventory, buyers are not responding,"" said data analyst Tommy Unger, who attributed the decline to buyer fatigue following a cutthroat spring season.

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Sellers Worry Rising Rates Will Lower Demand

Rising interest rates aren't just a burden for potential homebuyers. According to the latest survey from Redfin, 47 percent of sellers said they are worried about rising rates, expressing concerns that buyer demand will be lowered as a result. The share is up drastically from 23 percent in the previous quarter. Additionally, sellers expressed less interest when considering the option of renting for the first time in four months. In the third quarter of this year, 49 percent said they are considering renting rather than selling, down from 52 percent in the previous quarter and down from 46 percent a year ago.

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Survey: Agents Expect Prices to Rise, but in Smaller Increments

Eighty-six percent of agents believe prices will rise over the next few months. The same percentage of agents say now is a good time to sell a home. Both of these categories have increased from the first quarter of the year to the second. However, while a majority of agents expect price gains, a minority expect prices to ""rise a lot."" The percent of agents who anticipate prices rising ""a lot"" in coming months fell from 44 percent in the first quarter to just 16 percent in the second quarter, according to Redfin's survey.

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Home Prices, Sales Spike in 19 Major Metros in May

Gains in home prices and sales surged in May, while inventory increased for the second straight month, according to Redfin. In May, home prices surged 17.4 percent year-over-year, while prices in all 19 markets tracked showed yearly gains. At the same time, home sales climbed by 15.8 percent from April to May, reaching their highest level since January 2010. Although for-sale housing inventory decreased 21.9 percent year-over-year, Redfin reported inventory inched up by 4.3 percent from April to May.

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Monthly Increase in Inventory Eases Competition for Homes in May

Competition for homes eased in May due to a monthly increase in inventory, according to Redfin's latest bidding war report. Although 69.5 percent of offers that came from Redfin agents faced competition last month, the share is down from 73.3 percent in April. Competition was the most heated in California markets. In San Francisco, 87.9 percent of offers faced multiple bids in May, the most out of the 21 major markets tracked.

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Redfin Reports Gains in Inventory, Sales, and Prices for April

The housing market came out of April in a particularly strong position, according to Redfin's latest Real-Time Price Tracker, with prices, sales, and inventory posting gains across the country. Redfin's monthly report--based on home prices, sales, and inventory across 19 U.S. markets--shows prices rose 4.9 percent in April on a monthly basis and 16.1 percent on a yearly basis. Meanwhile, the number of homes for sale increased 6.4 percent from March to April.

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Bidding Wars Begin to Cool in Some Markets

A report from Redfin shows 73 percent of offers in April faced competition, down from a peak of 79 percent in February but slightly up from 70 percent last April. Two markets that cooled from March to April were San Francisco and Washington DC, where bidding-war rates fell 0.8 and 5.8 percentage points, Redin reported. The report also found the most common components of a winning offer were: conventional loan (61.7 percent) and a higher-than-asking offer price (51.9 percent).

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Redfin: 45% of Sellers Say Now Is a Good Time to Enter Market

After showing some reluctance at the beginning of the first quarter, homeowners polled for Redfin's second-quarter Real-Time Seller Survey seem far more interested in entering the market. According to responses collected by Redfin, 45 percent of sellers believe now is a good time to sell, up from just 22 percent in the first quarter and 15 percent in last year's fourth quarter.

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Home Sales See Seasonal Surge, Listings Fall

Home sales rose 25 percent month-over-month in March, reflecting the normal spring spike that occurs every year, according to Redfin. On a year-over-year basis, however, sales were up just 0.9 percent--the smallest gain in 14 months. Ten of the 19 markets tracked by Redfin saw sales increase year-over-year, one fewer than February. All 19 markets posted month-over-month improvements. Home prices also saw a nice boost, growing 6.2 percent from February and 15 percent from March 2012. However, the number of homes for sale fell 31 percent from March 2012 to March 2013.

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Reports Burst Housing Bubble Concerns

While rapid price gains have recently prompted fears of another housing bubble on the horizon, recent reports from Capital Economics and Redfin asserted no such bubble is forming--at least not on a national level. Capital Economics addressed concerns that home price increases, which are rising twice as fast as gains in income and residential rent, are not sustainable in the long run. One argument the firm made is housing actually has more to gain than lose from rapid price gains since it would help more homeowners rise out of negative equity and help those with low equity.

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