New Data Points to Flattening in Housing Demand – NMP Skip to main content

New Data Points to Flattening in Housing Demand

Phil Hall
Aug 06, 2018
House for sale

Is housing demand starting to cool down? The latest Redfin Housing Demand Index report came in at a 120 reading, down 0.7 percent from May to June and down 9.6 percent from one year earlier. June’s numbers represented the largest decline recorded for this report since April 2016.
 
Redfin blamed the drop on a 2.2 percent decrease in the seasonally adjusted number of Redfin-associated homebuyers requesting tours and a 12.2 percent decrease in the number making offers on homes from May to June. Across the 15 metros covered by the Demand Index, the total number of homes for sale fell 3.8 percent from one year earlier, while the number of homes newly listed in June fell 1.6 percent from June 2017. Still, some markets showed continued activity, most notably in Portland where local homebuyer demand increased 12.3 percent on an annualized basis.
 
"As much-needed large inventory increases finally arrive in some of the hottest markets, buyers are taking the opportunity to be choosy, offering only on well-priced homes," said Pete Ziemkiewicz, head of analytics at Redfin. "These cooling trends are concentrated in the markets that became the most uncomfortably hot over the past few years, so it's too soon to tell whether this is the start of a broader cooling or simply a return to something more like balance in places that had become extreme seller's markets. Plenty of large markets, like Chicago and Atlanta, are continuing to see increasing buyer demand and shrinking inventory."
Published
Aug 06, 2018
Online Brokerage REX Pursues Litigation Against Zillow & NAR

The legal battle between REX Home Loans (Real Estate Exchange, Inc.) and NAR continues to heat up, even though REX is reported to have shut down operations.

Industry News
May 16, 2022
Fannie Mae Seeks Innovative Housing Ideas

Sustainable Communities Innovation Challenge seeks ideas to advance racial equity in housing, focusing on addressing supply, funding and credit barriers.

Industry News
May 16, 2022
BSI Financial Hires Execs To Drive HR, Investor Reporting

Sean McGowan will lead HR, training and company culture; Shannon Clay to head investor reporting, reconciliations, and cash management initiatives.

Industry News
May 16, 2022
Home Point First Quarter Earnings Down Significantly

Net income down more than 90% from a year ago.

Industry News
May 13, 2022
New FHA Head Approved After Lengthy Delay

Vice president breaks tie vote for Julia Gordon nomination confirmation.

Industry News
May 12, 2022
Rocket CEO Predicts A Recession

He's seeing consumer spending decline through their TrueBill system

Industry News
May 12, 2022