The Redfin Housing Demand Index for January was reported at 89, an 11.4% decrease from January of the previous year.
Redfin staffer Rachel Musiker reports that while median home prices were up 6.3% across the 15 markets the company tracked, the bigger culprit in hurting demand was a lack of inventory. Homes are sellling faster and the competition has increased with the number of tours rising 13.1%:
"Earlier this month, one home had 132 showings in a single weekend. Getting into a home and finding out there are already several offers often ends up discouraging more buyers from offering. We’re now advising serious buyers to wait to submit their offers until the end of the offer period for the best chances of gauging how many offers they’re up against and how best to compete.”