Redfin: Housing Demand Hits Three-Year High

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An influx of potential buyers are touring homes and writing offers

October 26, 2016

Photo: Pixabay

A wave of new listings has generated the most activity from potential buyers since June 2013.

September’s Redfin Housing Demand Index sat at a seasonally adjusted level of 105, up from 93 in August and 101 one year prior. A Demand Index reading over 100 reflects strong demand, and a score below 100 indicates weak demand.

The report said that last month had 31.8 percent more toured homes than last year and 26.8 percent more made offers.

“It’s very busy right now, much more so than you would normally expect this time of year,” said Lamar Austin, a Redfin real estate agent in Chicago. “Despite the surge of activity, there still aren’t enough homes for sale to satisfy demand. Every time something new comes on the market, my clients are touring to see if it’s a good fit.”

The Demand Index also tracked activity in 13 metros, eleven of which had scores above 95. Boston led with an index of 100.

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