Nationally, fewer buyers toured homes and wrote offers last month
SEATTLE–(BUSINESS WIRE)–The Redfin
Housing Demand Index declined 7.3 percent to a seasonally-adjusted
level of 94 in November, according to Redfin (www.redfin.com),
the next-generation real estate brokerage.
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.
In November, 7.6 percent fewer homebuyers requested tours compared to
October, and 8 percent fewer homebuyers wrote offers. Both numbers are
seasonally-adjusted. These declines are in great part a reflection of
the lack of available homes to see and make offers on. November marked
the eighteenth consecutive month of year-over-year declines in the
number of homes for sale.
“Nationally, new listings were at a standstill, as sellers paused to
assess market timing,” said Redfin chief economist Nela Richardson. “It
took about a month longer for a typical buyer to search for a home and
make a successful offer in November than it did for a newly listed home
to go under contract. This is the widest margin between time to buy and
time to sell that we’ve seen.”
Bucking the Trend, Oakland Saw Pickup in Homebuyer Demand
Demand in Oakland, California, was at a level of 125 in November, up
from 99 in October. Oakland saw a 12.5 percent increase in customers
requesting tours and a 62.7 percent jump in those writing offers
compared to October.
“Now that rates are finally rising, some buyers feel that if they do not
buy now, they will not be able to afford a home in the East Bay as
prices continue to rise,” said Redfin real estate agent Dylan Masella.
“What was supposed to be a slow autumn has turned into a market full of
While the median sale price in nearby San Francisco is $1.1 million, in
Oakland it’s a far lower $635,000, according to the latest Redfin
Real-Time Housing Market Tracker.
“Over the past few years, a large percentage of our buyers in Oakland
and Berkeley have been professionals and couples who rent in San
Francisco and started their home searches there,” said Redfin real
estate agent Noah Manning. “These buyers found significant competition
and very high prices in San Francisco, so they switched their focus to
the East Bay, causing Oakland’s market demand to continue to increase.”
Homebuyer demand in San Francisco fell 10.8 percent to 90 in November.
To read the full report, complete with more local and national analysis,
and city-by-city charts, please visit: https://www.redfin.com/blog/2016/12/housing-demand-soared-in-oakland-this-november-while-much-of-the-country-saw-dips-due-to-low-supply.html.
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