Although Redfin’s business continues to grow year-over-year, the number of Redfin customers touring homes and making offers dipped more between May and June this year than during the same period last year. This points toward a continued softening of sales through the summer. The slack in demand reflects buyer reactions to climbing interest rates and home prices, which are pricing some buyers out of the market. Thirty-year fixed-rate mortgages increased from 3.35 percent in early May to 4.46 percent in June. Home prices rose 18% between January and May.
For the full report including data tables, charts, and a downloadable spreadsheet with historic data, visit the Real-Time Demand Pulse in Redfin’s Research Center.