Homebuying Activity Declines in November: Redfin

Mortgage & Real Estate

While the amount of people looking to buy a home declined in November compared with October, the fall-off was less than it was for the same month in 2012, Redfins latest real-time demand survey finds.

Normally demand declines in November as potential buyers switch their focus to holiday shopping.

There were 7% fewer Redfin customers requesting house tours in November over October, versus an 11% drop in the same period last year.

At the same time 11% fewer customers signed offer sheets during the month, but this is an improvement over the 14% month-to-month decline in 2012.

During Thanksgiving week, tours were down 28% from the previous week and offers down 23%. The Mortgage Bankers Association reports a 13% seasonally adjusted decline in mortgage application volume for that week, with a 4% decline in purchase applications, also seasonally adjusted.

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