Tight housing supply, bidding wars, and record-high home prices may take a toll on buyers later this summer, a report by real estate brokerage Redfin says.
The Housing Demand Index report, which Redfin debuted yesterday, says that home sales in August will be 4.6 percent more than home sales of the same month last year. In contrast, July posted a 14.3 percent year-over-year increase.
“So many people buying a house worry that it’s the wrong time, that prices are going to go down the moment you get into contract,” Glenn Kelman, chief executive of Redfin, a real-estate brokerage, told The Wall Street Journal.
According to HousingWire, the index is “based on millions of visits to Redfin.com home-listing pages, and thousands of Redfin customers requesting home tours and writing offers in 15 major metro areas.”