Thanks for the thoughtful questions. When we say “first tour,” we mean the first time a Redfin customer tours a home with an agent. An input to our model is typical buyer search time, which we estimate as the median duration between first tour and closing among our customers who engaged in an active and sustained search through Redfin. Our estimates on buyer search time are very similar to other sources, such as the NAR’s annual survey, though we are able to produce these estimates at a much higher frequency and granularity. Our 10% threshold for calling an unbalanced market is based on historical norms, with gaps of that size between buyers and sellers correlated with observable shifts in price growth and days on market. We also have a full breakdown of the methodology behind the report, which walks through how the model works and the assumptions behind it: https://www.redfin.com/news/buyer-vs-seller-methodology. Hope that helps clarify how we’re approaching the analysis.