Measures of homebuyer activity such as online searches, requests for tours and agents’ help, and mortgage applications rose as mortgage rates fell below 5%
(NASDAQ: RDFN) —More homebuyers are returning to the market, motivated by a decline in mortgage rates and a record share of listings with price drops, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage.
Redfin’s Homebuyer Demand Index—a measure of requests for home tours and other home-buying services from Redfin agents—rose 7 points during the last week of July, and mortgage purchase applications rose for the first time in five weeks.
So far this rebound has not moved through to actual home sales. Pending sales in July posted their largest decline since May 2020. Home sellers are also reluctant to enter the market—new listings fell…
