Home Tours Decrease 3%, Offers Down 4% in October; Record-Low Inventories Continue in Redfin Real-Time Demand Pulse

SEATTLE, Nov. 9, 2012 /PRNewswire/ -- Redfin (www.redfin.com), the technology-powered real estate broker, today issued its Real-Time Demand Pulse, the only report in the industry that analyzes offer and tour data. The report showed:

  • Customers requesting home tours were down 3.0 percent in October, compared to a decrease of just 0.5 percent in 2011.
  • Customers signing offers decreased 3.8 percent, compared to a decrease of 3.7 percent a year earlier.

September 30 through November 3 vs. Five Weeks Prior

2011

2012

Home Tours

-0.5%

-3.0%

Home Offers

-3.7%

-3.8%

Based on these data and the fact that record-low inventory across most of the nation continues to put a damper on sales, the company expects sales to slow in November and December, possibly falling slightly below last year's levels in some parts of the country by December, but mostly coming in at or slightly above 2011 volume.

"We always see significant declines in demand in the final three months of the year, but demand slipped a bit more this October than last year," said Redfin CEO Glenn Kelman. "We have been bullish about the U.S. real estate market overall, but in October demand among home-buyers took a step backwards. This trend will be even stronger in November due to Hurricane Sandy, but it isn't just the time of year or the weather. Many markets are intensely competitive and inventory is very low, so plenty of our home-buyers are taking the rest of the year off."

Click or paste the following link to read the complete Redfin Real-Time Demand Pulse.  http://blog.redfin.com/blog/2012/11/year-end_slowdown_begins_with_sluggish_tours_offers_in_october_as_record-low_inventories_continue.html

About this Report
The Redfin Real-Time Demand Pulse is a monthly analysis of thousands of customers touring homes and signing offers in eighteen 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.

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 19 U.S. markets and has closed more than $5 billion in home sales. In 2012, Redfin was named one of The DIGITAL 100: World's Most Valuable Private Tech Companies by Business Insider. Follow us on blog.redfin.com, on Twitter @redfin, and Facebook.com/Redfin.

SOURCE Redfin Corporation



RELATED LINKS
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