{"id":43340,"date":"2016-01-26T05:00:45","date_gmt":"2016-01-26T13:00:45","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=43340"},"modified":"2020-10-06T17:08:22","modified_gmt":"2020-10-07T00:08:22","slug":"homebuyer-demand-flattens-in-december","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/homebuyer-demand-flattens-in-december\/","title":{"rendered":"Succumbing to Low Inventory and High Prices, Homebuyer Demand Flattens in December"},"content":{"rendered":"<figure id=\"media-42739\" class=\"align-none\"><\/figure>\n<p><span style=\"font-weight: 400\">The Redfin Housing Demand Index fell 0.2 percent to 69 in December from a year earlier. The small drop puts homebuyer demand back in line with late 2014 levels, following a 7.1 year-over-year percent increase in November. The number of Redfin customers requesting tours rose just 19.6 percent, a marked downshift from November\u2019s 28.8 percent increase. Growth in the number of customers writing offers fell to 3.7 percent from 7.7 percent year-over-year growth in November.<\/span><\/p>\n<figure id=\"media-43351\" class=\"align-none\"><img decoding=\"async\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2016\/01\/Demand-index-chart1.png\" alt=\"Demand index chart\" \/><\/figure>\n<p><span style=\"font-weight: 400\">While the fact that demand slowed in December is not noteworthy, the extent to which it did is remarkable. <\/span><br \/>\n<span style=\"font-weight: 400\">\u201cThe holiday season usually slows demand, however the downshift in December was sudden,\u201d says Redfin chief economist Nela Richardson. \u201cThis was a steeper decline than we saw last year and it may feel jarring to sellers after so many months of strong buyer interest. What\u2019s important for people to know is that demand is still there, it\u2019s just not at the level of growth that we\u2019re used to seeing. We need more listings for that.\u201d<\/span><br \/>\n<span style=\"font-weight: 400\">The number of new listings added in December across the 15 markets tracked by the Demand Index increased by 1.5 percent year over year, the smallest year-over-year gain in more than a year, while the total number of homes for sale fell by 6.3 percent. December marked the eighth consecutive month of year-over-year inventory declines, which contributed to the market\u2019s relative strength and speed during the holiday season.<\/span><br \/>\n<span style=\"font-weight: 400\">Home prices held onto the fall\u2019s strong growth levels, up 6.2 percent year over year in December. Buyers who had been searching for homes since the fall, helped drive a late-season rebound in sales, up 7.7 percent year over year after two months of very low growth. A typical home stayed on the market for just 29 days in December, down from 37 days a year earlier. <\/span><br \/>\n<span style=\"font-weight: 400\">But in January, which tends to set the tone for the year ahead, we aren\u2019t yet seeing the inventory pickup needed for sales growth to continue and for home prices to stabilize at a healthy level. And Winter Storm Jonas has only begun to make its dent in demand, holding back supply even more and preventing a lot of house hunters from actively touring for the next couple of weekends. \u00a0<\/span><br \/>\n<span style=\"font-weight: 400\">\u201cThis is the slowest January I\u2019ve had in years,\u201d said Kris Paolini, a Redfin agent in Bethesda, Md. \u201cIt\u2019s not that there aren\u2019t plenty of buyers, but that there\u2019s so little inventory for them to choose from, and many of the homes that are available aren\u2019t very appealing or are overpriced. The buyers aren\u2019t willing to make an offer on a home that\u2019s priced significantly above market value and the sellers aren\u2019t yet budging.\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><\/p>\n<figure id=\"media-43352\" class=\"align-none\"><\/figure>\n<figure id=\"media-43447\" class=\"align-none\"><img decoding=\"async\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2016\/01\/Demand-Tracker-December-scaled-1.jpg\" alt=\"Redfin Demand Index\" \/><\/figure>\n<h2><b>For More Information<\/b><\/h2>\n<p><strong>Redfin Journalist Services<\/strong><br \/>\n<span style=\"font-weight: 400\">Phone: 206-588-6863<br \/>\n<\/span><span style=\"font-weight: 400\">Email: press@redfin.com<\/span><br \/>\n<strong>Nela Richardson, Ph.D., Chief Economist<\/strong><br \/>\n<span style=\"font-weight: 400\">Phone: 206-435-7264<br \/>\n<\/span><span style=\"font-weight: 400\">Email: nela.richardson@redfin.com<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Redfin Housing Demand Index fell 0.2 percent to 69 in December from a year earlier.<\/p>\n","protected":false},"author":13421,"featured_media":42739,"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":[32],"dashboard":[],"coauthors":[],"class_list":["post-43340","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","tag-housing-market-tracker"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.9) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Succumbing to Low Inventory and High Prices, Homebuyer Demand Flattens in December - Redfin Real Estate News<\/title>\n<meta name=\"description\" content=\"The Redfin Housing Demand Index fell 0.2 percent to 69 in December from a year earlier. 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