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Early-stage homebuying demand hits highest level since May
31st March 2023
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More homebuyers are on the hunt for housing as mortgage rates and home prices — though still elevated — continue to wane, Redfin recently reported.
According to the brokerage's latest data, mortgage purchase applications slipped for the fourth consecutive week. Additionally, during the week ending March 26, Redfin's Homebuyer Demand Index reached its highest level since May 2022.
The index is a seasonally adjusted measure of requests for tours, home offers or requests to talk to an agency about a home search.
LOWER MORTGAGE RATES JUICES HOMEBUYERS
San Francisco Redfin agent Ali Mafi said the majority of the calls coming in are coming from first-time buyers or investors.
"First-time buyers are interested in looking at homes because prices have come down, though they’re still concerned about high mortgage rates," Mafi said.