Home-Buyer Demand Tumbles in December Driven by Shortage of Homes for Sale

SEATTLE, Jan. 8, 2014 /PRNewswire/ -- Redfin (www.redfin.com), the technology-powered real estate brokerage, today issued its Real-Time Demand Pulse, the only report in the industry that analyzes the housing market demand based on home tour and offer data.

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Homebuyer demand took a sharper-than-expected drop in December. While some decline is normal during the holiday season, Redfin reports that the worsening shortage of homes contributed to steep drops in home tour requests and signed offers made by Redfin customers.

The report, which covers 22 top U.S. real estate markets, showed:

• Redfin customers scheduling home tours fell 14.8% month over month in December 2013, compared to a drop of 7.1% during the same period in 2012.
• Offers signed by Redfin customers dropped 20.2% between November and December 2013, compared to a 16.7% drop during the same period last year.

"Homebuyer anxiety is starting to rise. My clients who were determined to find a home before year-end instead found few homes worth touring in December," said Redfin agent Wayne Olson in Oregon. "Now, with mortgage rates rising, they are increasingly concerned about their budget. They're also worried about facing stiff competition in the coming months as more buyers enter the market."

Click here to access the full report.

About this Report
The Redfin Real-Time Demand Pulse is a monthly analysis of thousands of customers touring homes and signing offers in twenty markets across the United States. Redfin is the only major real estate broker storing data in one location about its agent tours and offers, enabling the company to project sales volume for the U.S. without waiting 30 – 45 days for sales to close, or an additional 15 – 30 days for them to be recorded as public record.

About Redfin
Redfin (www.redfin.com) is a technology-powered real estate broker that represents people buying and selling homes. Founded and run by technologists, Redfin has a team of experienced, full-service real estate agents who are advocates, not sales-people, earning customer-satisfaction bonuses, not commissions. Redfin.com features all the broker-listed homes for sale, as well as for-sale-by-owner properties that don't pay brokers a commission. Redfin also offers online tools that make the entire process of buying or selling a home easier and more fun. The company serves 22 U.S. markets and has closed more than $13 billion in home sales. In 2012, Redfin was named one of The DIGITAL 100: World's Most Valuable Private Tech Companies by Business Insider.

SOURCE Redfin

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