The Redfin Housing Demand Index rose only slightly from July to August (126 to 127), but increased 27.7 percent year over year. “High consumer confidence and low interest rates have powered homebuyer demand, but too-low inventory has constrained home sales all year,” says Redfin chief economist Nela Richardson. The 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.
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