Dec 26, 201704:03 PMBlog
Housing demand seasonally softer
As thoughts moved into “holiday mode” and stay-at-home festivities last month, there were fewer numbers of folks actively shopping for a new place to live, according to the Housing Demand Index published today by Redfin brokerage in Seattle.
Measuring the seasonally adjusted number of buyers requesting home tours, there was a slight fall-off of 1.9 percent, even as the numbers of new offers for residential properties fell 14.7 percent from October.
Year-over-year comparisons, however, still reflect a robust housing market. Compared to November of 2016, last months Index was up 29.1 percent. Demand has consistently remained almost 30 percent higher through 2017 than last year’s levels since May.
In a separate report from U.S. Census Bureau, the number of actual homes sold in November was up 17.5 percent from October. The median sales price at $318,700 last month.
In the metro Seattle market, the Housing Demand Index in November 2017 was 170, compared to more than 200 in September and a near-starting point of 101 in November 2014.
“People still want to buy homes, especially before mortgage interest rates increase and prices rise even more,” said Redfin chief economist Nela Richardson. “But there just aren’t enough homes for sale, especially at lower- to mid-level prices.”