Redfin Report: The Housing Market Has Started to Recover
While the housing market has begun to recover from its November trough, Redfin economists say we're not out of the woods yet. Homebuyers are coming back, but sellers have been slower to return.
RDFN The housing market has begun to recover after hitting a low point in the second week of November, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage.
The number of Redfin customers requesting first tours has improved 17 percentage points from the November trough, and the number of people contacting Redfin agents to start the homebuying process has improved 13 points. Compared with a year ago, home tours and requests for service are down 23% and 27% respectively, but that's an improvement from the November trough, when both were down 40%.
This is already translating into more home sales. Redfin agents report that bidding wars are back in some markets, including Seattle, central Florida and Richmond, VA. Homebuyer demand remains down from its early 2022 highs, but the market has shifted into a new phase and well-priced listings are selling quickly.
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