Housing demand increased in November, according to the Redfin Housing Demand Index. Last month, demand jumped 7.1% to 83, nearly double October’s 3.7% increase, reports Rachel Musiker of Redfin.
While the Demand Index has fallen substantially from its peak of 125 in March, it is still much stronger than levels seen the past two Novembers when housing market activity slows for the holiday season. The Demand Index tracks millions of visits to Redfin.com and the touring and purchase offers of thousands of Redfin customers in 15 major metro areas.
“Unlike the late summer and early fall buyers whom we described as hesitant to overpay or make an offer on a house that wasn’t perfect, people who are in the market through this holiday season are serious buyers who need to move now,” says Redfin chief economist Nela Richardson. “And there are more of them than this time last year even though there are fewer homes to choose from. These buyers can’t wait until 2016 for the traditional spring surge in inventory; they’re pouncing now!”