The nationwide Redfin Housing Demand Index fell 1.7 percent in October from the month prior, according to the Seattle-based real estate brokerage. Still, the Index gained 26.6 percent year over year in October.
This Demand measurement is based on thousands of Redfin customers requesting home tours and writing offers to buy.
Across the 15 metropolitan markets covered, including Seattle, there were 14.8 percent fewer homes for sale last month than one year earlier. The seasonally-adjusted number of buyers requesting home tours remained essentially flat from September to October.
“The fact that touring activity remained constant while offers dropped off in October tells us that the buyers are still there; there’s just not much to bid on,” said Redfin chief economist Nela Richardson.
“The small boost in the number of homes newly listed for sale is certainly the bright spot of this report. Additionally, the most serious buyers can rejoice that we are nearing the holidays, which bring less competition from other buyers for homes that sellers are often very eager to unload before the new year.”
To read the full report, including metro-level demand charts, visit this link.