The level of home tours and offers fell during October, and this was partly due to a record-low inventory level, according to property data from Redfin.
The level of consumers who wanted home tours fell 3 percent in October, compared to the previous month's figures. This figure declined far more than in October of last year, as that month experienced a drop of 0.5 percent. Home offer signings dropped 3.8 percent in October from the previous month's level, which was not significantly different from the level one year earlier.
"We have been bullish about the U.S. real estate market overall, but in October demand among home-buyers took a step backwards," said Glenn Kelman, CEO of Redfin. "Many markets are intensely competitive and inventory is very low, so plenty of our home-buyers are taking the rest of the year off."
The report added that real estate records will likely show a slow level of sales to close out the year, and this could go as far as lower figures than the year before in some areas of the United States.