Market Overview

Redfin Housing Demand Index Dipped 1.7 Percent from September to October; Still 26.6 Percent Higher Than Last Year


Home-Touring Activity Remained Strong, But Few Homes to Bid On
Caused Offer Activity to Soften

(NASDAQ:RDFN) — The Redfin Housing Demand Index fell
1.7 percent from 137
in September to 134 in October, according to
Redfin (,
the next-generation real estate brokerage. Still, the Demand Index,
which is adjusted for Redfin's market share growth, increased 26.6
percent year over year in October.

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.

Across the 15 metros covered by the Demand Index, there were 14.8
percent fewer homes for sale last month than there were a year prior.
October marked the 29th straight month of year-over-year inventory
declines in these major markets and the fourth consecutive month of
double-digit declines. Meanwhile, new listings posted a much needed gain
for the first time in five months, up 2.6 percent in October.

The seasonally adjusted number of buyers requesting home tours remained
essentially flat from September to October, increasing 0.6 percent,
while the number making offers fell 5.4 percent. Compared to last year,
43.7 percent more buyers requested tours in October and 4.4 percent more
wrote offers.

"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, please

About Redfin

Redfin (
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
, 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,
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
. To view Redfin's press center, click

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