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“Buyers Have Had Enough,” says Redfin’s Glenn Kelman

August 15th, 2018 Comments off

BuyersHaveHadEnoughRedfinCEOGlennKelmanDailyBusinessNewsMHProNews

As U.S. home prices have increased faster than wages for 70 straight months, buyers in markets like these have finally had enough, at least for now. There are still plenty of markets where homebuyer demand is strong. But for the first time in years, we are getting reports from managers of some markets that homebuyer demand is waning, especially in some of Redfin’s largest markets,” according to CEO Glenn Kelman, per Fox.

 

In a release do the Daily Business News on MHProNews, Redfin Housing Demand Index fell 0.7 percent month over month to 120 in June.

Per the real estate firm, “The decline was driven by a 2.2 percent decrease in the seasonally adjusted number of homebuyers requesting tours, and a 12.2 percent decrease in the number making offers on homes from May to June. The Demand Index is based on thousands of Redfin customers requesting home tours and writing offers.”

It’s not the only signal of still strong demand, that nevertheless shows signs of more road bumps ahead.  Several of those bumps, arguably, spell opportunity in disguise for savvy factory-builders and investors.

Home builders’ confidence in the U.S. housing market edged lower in August as builders reported strong demand but also expressed concerns that rising prices loom as a potential threat to sales,” said Fox, adding as follows.

Builder confidence edged down to 67 in August on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), from July’s 68 but in line with economists’ expectations. It is the lowest reading for the HMI since September 2017 when the reading came in at 64. It is, however, still a solid reading with any measure above 50 indicating expansion.”

An interview with Kelman by Bloomberg is posted above.  Redfin is competing against real estate brokers, as well as firms like Zillow.

The above points to opportunities in the affordable housing field. They are also reasons why manufactured housing should be performing far better that it has been. For reasons why the reality is different than the potential, and what that means to potential visionary investors, see the related reports, linked below. ## (News, analysis and commentary.)

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SoheylaKovachDailyBusinessNewsMHProNewsMHLivingNewsSubmitted by Soheyla Kovach to the Daily Business News for MHProNews.com. Soheyla is a managing member of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com.

Related Reports:

FEDs, MHI, Buffett’s Berkshire’s Clayton Homes Moat, Affordable Housing, and Billion$ in Manufactured Home Market Manipulation