Redfin Housing Demand Index Drops In November

In November, 7.6 percent fewer buyers went on tours and 8 percent fewer buyers wrote offers compared to October.

Redfin released the new Housing Demand Index, which dipped to a seasonally-adjusted level of 94 in November. A level of 100 represents the average for the three years between January 2013 and December 2015.

The report also noted that there were 10.2 percent fewer homes on the market last month. The amount of homes for sale has shrunk for 18 consecutive months.

Oakland emerged as one of the nation’s hottest housing markets.

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. … While the median sale price in nearby San Francisco is $1.1 million, in Oakland it’s a far lower $635,000.

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