Housing Market Update: Uptick in Searches and Tours Highlight Buyers’ Mortgage-Rate Sensitivity

Source: Redfin — 

Since mortgage rates came down from their June high, measures of early demand like online real estate searches and home tours have ticked up and/or stabilized.

A half-point drop in mortgage rates from their June high is drawing some homebuyers back to the market. Redfin’s Homebuyer Demand Index—a measure of requests for home tours and other home-buying services from Redfin agents—has increased 15 points since the week of June 19, reversing a 10-week trend of decreasing demand that began in mid-April. Searches of homes for sale on Google have also risen 11 percent since late May, and touring levels have been relatively stable for the past two weeks.

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