Market Overview

Redfin Housing Demand Index Slipped in June from May's All-Time High

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Compared to May, about the same number of Redfin customers
requested home tours in June, but fewer made offers in the face of
double-digit supply declines

(NASDAQ:RDFN) — The
Redfin Housing Demand
Index
fell 4.3 percent from May's all-time high to 130 in June, according to
Redfin (www.redfin.com),
the next-generation real estate brokerage. Still, homebuyer demand was
up 27.8 percent year over year.

The Demand Index is based on thousands of Redfin customers requesting
home tours and writing offers. A level of 100 represents the historical
average for the three-year period from January 2013 to December 2015.

Compared to May, the seasonally adjusted number of buyers requesting
tours was essentially flat, down just 0.2 percent last month. The
seasonally adjusted number of buyers writing offers fell by 11.3 percent
from May to June.

Across the 15 metros covered by the Demand Index, there were 12.1
percent fewer homes for sale in June than there were a year prior,
marking the 25th consecutive month of year-over-year inventory declines
and the sixth consecutive month of double-digit declines.

"In this market, homebuyers have to move fast, yet high prices and low
inventory are slowing down even the most earnest of house hunters," said
Redfin chief economist Nela Richardson. "Buyers toured in full force
last month, even though there were fewer homes hitting the market. New
listings fell 3.3 percent from May and were down 1.6 percent from a year
ago. Faced with a low supply of homes for sale and extremely competitive
conditions, many homebuyers are struggling to make it to the offer
stage."

Redfin agents offer advice for buyers who are frustrated with the tight
market, ranging from having patience in markets that are likely to see
more homes hit the market in the coming months, to strategies that can
help an offer stand out among the competition.

"The inspection contingency is the most compelling factor for sellers
who are evaluating several close offers," said Redfin agent Mary
Bazargan, who represents home sellers in Washington, D.C. "Waiving your
inspection contingency shows the seller that you're committed to the
property with its flaws, and guarantees that the transaction won't be
delayed by repair negotiations or other associated hiccups. In D.C.,
it's common for buyers to conduct pre-inspections, in which the
inspector does an inspection of the home before an offer is submitted.
Most sellers are happy to accommodate these appointments."

To read the full report, including metro-level demand data and charts,
please visit: https://www.redfin.com/blog/2017/08/redfin-housing-demand-index-slipped-in-june-from-mays-all-time-high.html.

About Redfin

Redfin (www.redfin.com)
is the next-generation real estate brokerage, combining its own
full-service agents with modern technology to redefine real estate in
the consumer's favor. Founded by software engineers, Redfin has the
country's #1 brokerage website and offers a host of online tools to
consumers, including the Redfin
Estimate
, the automated home-value estimate with the industry's
lowest published error rate for listed homes. Homebuyers and sellers
enjoy a full-service, technology-powered experience from Redfin real
estate agents, while saving thousands in commissions. Redfin serves more
than 80 major metro areas across the U.S. The company has closed more
than $50 billion in home sales.

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, subscribe
here
. To view Redfin's press center, click
here
.

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