{"id":39800,"date":"2015-12-29T05:00:04","date_gmt":"2015-12-29T13:00:04","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=39800"},"modified":"2020-10-06T17:08:23","modified_gmt":"2020-10-07T00:08:23","slug":"homebuyer-demand-surges-7-1-percent-in-november","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/homebuyer-demand-surges-7-1-percent-in-november\/","title":{"rendered":"Homebuyer Demand Surges 7.1 Percent in November"},"content":{"rendered":"<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/redfin.com\/blog\/wp-content\/uploads\/2015\/07\/smaller-logo_demand-index_2015-06-11-WEB.jpg\"><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter size-full wp-image-35347\" src=\"https:\/\/redfin.com\/blog\/wp-content\/uploads\/2015\/07\/smaller-logo_demand-index_2015-06-11-WEB.jpg\" alt=\"smaller logo_demand-index_2015-06-11-WEB\" width=\"1394\" height=\"893\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2015\/07\/smaller-logo_demand-index_2015-06-11-WEB.jpg 1394w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2015\/07\/smaller-logo_demand-index_2015-06-11-WEB-300x192.jpg 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2015\/07\/smaller-logo_demand-index_2015-06-11-WEB-1024x656.jpg 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2015\/07\/smaller-logo_demand-index_2015-06-11-WEB-768x492.jpg 768w\" sizes=\"(max-width: 1394px) 100vw, 1394px\" \/><\/a>The Redfin Housing Demand Index rose 7.1 percent to 83 in November from a year earlier, nearly double October\u2019s 3.7 percent increase. The number of Redfin customers requesting home tours rose 28.8 percent, slightly weaker growth than the 33.7 percent increase seen in October. But growth in the number of customers writing offers strengthened to 7.7 percent from 5 percent year-over-year growth in October.<\/span><br \/>\n<a href=\"https:\/\/redfin.com\/blog\/wp-content\/uploads\/2015\/12\/Demand-Index-November-2015-chart.png\"><img decoding=\"async\" class=\"size-full wp-image-39817 alignnone\" src=\"https:\/\/redfin.com\/blog\/wp-content\/uploads\/2015\/12\/Demand-Index-November-2015-chart.png\" alt=\"Demand Index November 2015 chart\" width=\"720\" height=\"384\" \/><\/a><br \/>\n<span style=\"font-weight: 400;\">While the Demand Index has fallen substantially from its peak of 125 in March, it is still much stronger than levels seen the past two Novembers when housing market activity slows for the holiday season. Throughout 2015, there has been more demand for homes than there was last year, but there hasn\u2019t been enough inventory to keep up with it. As a result, we\u2019re still seeing strong demand heading into the end of the year. <\/span><br \/>\n<span style=\"font-weight: 400;\">\u201cUnlike the late summer and early fall buyers whom we described as hesitant to overpay or make an offer on a house that wasn\u2019t perfect, people who are in the market through this holiday season are serious buyers who need to move now,\u201d says Redfin chief economist Nela Richardson. \u201cAnd there are more of them than this time last year even though there are fewer homes to choose from. These buyers can\u2019t wait until 2016 for the traditional spring surge in inventory; they\u2019re pouncing now!\u201d<\/span><br \/>\n<span style=\"font-weight: 400;\">The number of newly listed homes across the 15 markets tracked by Demand Index has increased year over year each month this year, most recently by 7 percent in November. Meanwhile, the total number of homes for sale has fallen for seven consecutive months, with a 4 percent drop in November. This means that buyers are purchasing\u00a0homes faster than homes\u00a0are being listed for sale. A typical home stayed on the market for just 26 days in November, down from 33 days last year. Despite the quick pace of sales, the inventory shortage is holding back their total number, flat year over year, while prices grew by 6.9 percent, the strongest price growth seen since January. <\/span><br \/>\n<span style=\"font-weight: 400;\">Some sellers are taking advantage of the situation. \u201cThis fall the inventory shortage has trumped seasonality, and we\u2019ve been advising sellers who are ready to go ahead and list during the normally slow holiday season,\u201d said Peter Phinney, a Redfin agent in Boston. \u201cThe buyer pool is still robust, but there\u2019s not much for them to choose from. We\u2019ve had positive outcomes for sellers who would have otherwise waited until the new year and faced more competition.\u201d <\/span><br \/>\n<span style=\"font-weight: 400;\">The Demand Index tracks millions of visits to Redfin.com and the touring and purchase offers of thousands of Redfin customers in 15 major metro areas. The index equaled 100 on January 2013, the first month of the estimation period, and is adjusted for changes in Redfin market share.<\/span><br \/>\n<a href=\"https:\/\/redfin.com\/blog\/wp-content\/uploads\/2015\/12\/December-2015-Dashboard.png\"><img decoding=\"async\" class=\"alignleft size-full wp-image-39820\" src=\"https:\/\/redfin.com\/blog\/wp-content\/uploads\/2015\/12\/December-2015-Dashboard.png\" alt=\"December 2015 Dashboard\" width=\"1778\" height=\"3181\" \/><\/a><\/p>\n<h3><b>For Further information<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Redfin Journalist Services<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">Phone: 206-588-6863<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">Email: press@redfin.com<\/span><br \/>\n<span style=\"font-weight: 400;\">Nela Richardson, Ph.D., Chief Economist<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">Phone: 206-435-7264<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">Email: nela.richardson@redfin.com<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>People who are in the market through this holiday season are serious buyers who need to move now.<\/p>\n","protected":false},"author":13441,"featured_media":39470,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8],"tags":[67,70,32],"dashboard":[],"coauthors":[],"class_list":["post-39800","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","tag-demand-index","tag-home-buyer-tips","tag-housing-market-tracker"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.5) - 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