The Redfin Housing Demand Index, based on thousands of Redfin customers requesting home tours and writing offers, fell 6.2 percent from October to November in 2017.
“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.”
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.
