Just Listed brings you the latest news and information from the Twin Cities-area commercial and residential real estate market and beyond from veteran reporters Jim Buchta and Janet Moore.

New signs that house shoppers are being cautious

Posted by: Jim Buchta under Buying Updated: October 15, 2013 - 1:11 PM

A new national survey by Redfin, a national online real estate brokeage, shows that the number of house tours during September were flat, and that the number of offers made by Redfin clients posted the biggest monthly decline so far this year, falling 3 percent compared with last year.

Here's an explanation of what's happening from Aaron Drucker, Redfin's New York Market Manager:

"Today our clients are concerned about fluctuating mortgage rates as well as the government shutdown and debt ceiling battle. When people feel uncertain about their wealth and the economy, buying a home falls to the bottom of their to-do list.”

While that survey is only a narrow glimpse into what's happening in the broader, there's plenty of evidence that the local market is experiencing a slight slow-down. The latest weekly report from the Minneapolis Area Association of Realtors, which covers the 13-county metro area, shows that pending sales - an indication of future closings - were up a bit more than 2 percent compared with the same time last year. Trouble brewing in the market? Not necessarily, these weekly surveys can be heavily influenced by the weather, and are a reflection of a relatively small sample size.


 

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