Market Overview

Redfin Housing Demand Index Fell 6.2% from October to November


Lack of Inventory Continues to Hamper Tour and Offer Activity

(NASDAQ:RDFN) — The Redfin Housing Demand Index fell 6.2 percent from
136 in October to 127
in November,
according to Redfin (,
the next-generation real estate brokerage. The seasonally adjusted
number of buyers requesting home tours fell slightly by 1.9 percent,
while the number making offers fell 14.7 percent month over month.

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.

"Three years of low inventory is taking its toll on buyer demand in
terms of tour and offer activity," said Redfin chief economist Nela
Richardson. "People still want to buy homes, especially before mortgage
interest rates increase and prices rise even more. But there just aren't
enough homes for sale, especially at lower- to mid-level prices."

While demand softened month over month, the story is different looking
at year-over-year numbers. Compared to last year, the Demand Index
increased 29.1 percent in November. The number of buyers requesting
tours increased 41.3 percent, and 10.5 percent more wrote offers. Demand
has consistently remained about 30 percent higher than last year's
levels since May.

Across the 15 metros covered by the Demand Index, there were 18 percent
fewer homes for sale last month than at the same time last year.
November marked the 30th straight month of year-over-year inventory
declines in these major markets and the fifth consecutive month of
double-digit declines. New listings increased modestly by 1.5 percent
year over year in November.

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
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