Redfin’s Homebuyer Demand Index increased 15 points since June 15, reversing 10 straight weeks of decreasing demand that started in mid-April.
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A recent half-point drop in mortgage rates could be drawing some buyers back to the market, according to a new report released Thursday by the online brokerage Redfin.
The report found that Redfin’s Homebuyer Demand Index — which takes into account requests for home tours and other homebuying services — had increased 15 points since June 15, reversing 10 straight weeks of decreasing demand that started in mid-April.
Daryl Fairweather | Redfin
“The housing market seems to be settling into an equilibrium now that demand has leveled off,” Redfin Chief Economist Daryl Fairweather said in a statement. “We may still be in for some surprises when it comes to inflation and rate hikes from the Fed, but for now an ease in mortgage rates has brought some relief to buyers who were reeling from last month’s rate spike. Although the number of sales is down considerably from last year, first time-homebuyers with not a lot of cash are welcoming the decline in competition, and anyone who intends to stay in their home for many years doesn’t need to worry about these short-term fluctuations in home prices.”
Google searches for homes for sale have also risen 11 percent since May and home tours have remained relatively stable in recent weeks, the report found.
The uptick in homebuyer interest hasn’t yet translated to increases in home purchases or…