Fierce competition continues to drive home prices up, but home tours, offers and pending sales have slowed, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. New listings, a key lever for home sales growth, have held up better than pending sales and are inching up increasingly close to 2019 levels.
“Offers no longer pour in the day a home hits the market,” said Phoenix Redfin real estate agent John Biddle. “It has become more common for offers to come in at least a few days after a home is listed for sale. If this were three years ago, we’d marvel at how fast the market was, but it’s a clear slowdown from a few weeks ago. Now that things are opening up again and the summer is almost here, people have other priorities, like going on vacation. Plus, many homebuyers are frustrated and tired of competing, so they’ve stepped back—for now at least.”
“Many measures of the housing market, such as pending home sales, mortgage applications and touring activity, showed some improvement this past week following the Memorial Day slump, but don’t call it a comeback,” said Redfin Lead Economist Taylor Marr. “Seasonally adjusted homebuyer demand is unlikely to rebound to the levels we saw earlier in the spring. While some buyers will find reprieve in less intense bidding wars this summer, others may be disappointed that homes remain hard to find.”
Key housing market takeaways for 400+ U.S. metro areas:
Unless otherwise noted, this data covers the four-week period ending June 13. Redfin’s housing market data goes back through 2012.
Data based on homes listed and/or sold during the period:
Other leading indicators of homebuying activity:
To view the full report, including charts and methodology, please visit: https://www.redfin.com/news/housing-market-update-homebuying-demand-slips/
Redfin (www.redfin.com) is a technology-powered real estate broker, instant home-buyer (iBuyer), lender, title insurer, and renovations company. We sell homes for more money and charge half the fee. We also run the country’s #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Since launching in 2006, we’ve saved customers more than $1 billion in commissions. We serve more than 95 markets across the U.S. and Canada and employ over 4,100 people.
For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin’s press release distribution list, email firstname.lastname@example.org.