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Homebuyer Demand Increases Despite Fewer Homes to Choose From

SEATTLE—We’re seeing the market catch a new breath after pausing briefly this summer, says Redfin chief economist Nela Richardson.

millenialhomeSEATTLE—Demand for homes grew for the second month in a row in August, according to a recent report from locally based Redfin. The Redfin Housing Demand Index, based on thousands of Redfin customers requesting home tours and writing offers, increased 1.7% from July to a seasonally adjusted level of 93 in August. The Redfin Housing Demand Index has a benchmark of 100, representing the three-year historical average from January 2013 through December 2015.

“Now we’re seeing the market catch a new breath after pausing briefly this summer,” says Redfin chief economist Nela Richardson. “Buyer demand strengthened for the second month in a row, signaling that the market has some wind in its sails going into the fall.”

At the same time, Richardson says, the 2016 home-buying season has been less ferocious than it was the past three years. “Bidding wars are a tad less frequent, price growth is moderating and even in hot markets homes are sitting on the market a bit longer. All told, this is not a market in decline, it’s a market finally finding its normal.”

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Natalie Dolce

Natalie Dolce

Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.

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