Glenn Kelman, the CEO of online real estate brokerage Redfin, voiced concern about the housing market yesterday on Bloomberg TV's What'd You Miss.
Redfin has created its own U.S. Housing Index, which Kelman says has cooled off in the past few weeks and has him expecting a cool down in the real estate market.
If you could see what I would see, you'd be worried about the real estate market because it's been a really strong bull market for the first six months and it's really started to soften over the past three or four weeks.
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What exactly goes into Redfin's index? The firm uses a lot of data from its website such as property tours and the number of offers being made. Here's how Kelman described it.
We took all of the numbers about how many people are on our site, how many people are walking through houses, how many people are writing offers, and we combine that into an index that forecasts what we're going to see in terms of sales and prices over the next two months and it's not that the bottom is going to fall out. This isn't a highly leveraged market the way it was five or six years ago, but it is indicative that consumers have had enough, that they're not willing to chase prices quite as high as they have been over the past year.
Here is a look at the index.
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