January Home Prices Up 7.6% as Redfin Reports Record-Setting Homebuyer Demand

Rock-bottom Interest Rates, more Homes for Sale Send Housing Market off to an Early, Roaring Start

Redfin Real Estate Agents Report Overflowing Open Houses, More Than 20 Buyers Competing for One House

SEATTLE — Jan. 27, 2015 — The 2015 housing market is off to a very strong start, according to Redfin (www.redfin.com), the customer-first real estate brokerage. Redfin is the first to report January home-price data. This month, the median home sale price has fallen just 1.2 percent from last month, a mere third of the price decline seen a year ago, and the smallest January home-price decline in at least the past seven years. January’s median home price is actually up a solid 7.6 percent year over year. With the industry’s earliest indication about January prices, Redfin today is for the first time releasing home price information for the current month based on data from home sales recorded in the first three weeks of January.

So what’s different this January?

More Inventory:

  • In December, the number of homes for sale increased 4.8% year over year.
  • December saw a 9.5% increase in new listings, more than any other December since 2008.

Record-Setting Homebuyer Demand

  • Redfin home-tour demand hit an all-time record last week, with the number of customers requesting tours up 62% and signed offers up 58% year over year.
  • In the first three weeks of the year, the number of customers requesting tours surged 40% and offers shot up 30% year over year.

 Rebounding Interest from First-Time Buyers

  • In the week of January 12, 57% of Redfin home tours were taken by first-timers, compared with 31% the week before, 44% a month earlier and 48% the same week last year.
  • That week also saw the highest rate of first-timers touring that Redfin has seen since the end of 2012.

“Rock-bottom interest rates and easier loans are giving us flashbacks to 2013,” said Nela Richarson, Redfin chief economist. “A Redfin agent in Seattle, Klaus Gosma, hosted an open house for an average townhome that was flooded with 132 people over the weekend. In Denver, a house got 23 offers in one, snowy day.”

Today’s Real-Time Market Tracker from Redfin also reports on December housing market data, highlighted by 5 percent year-over-year increases in median sale prices, home sales and inventory.

To read the full report, complete with data, charts and insights from Redfin agents, please visit: http://www.redfin.com/research/reports/real-time-housing-market-tracker/2015/market-tracker-december-2014.html.

About Redfin
Redfin (www.redfin.com) is a customer-first real estate brokerage 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 salespeople, 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 major markets across the U.S. and has closed nearly $20 billion in home sales. In 2012, Redfin was named one of The DIGITAL 100: World’s Most Valuable Private Tech Companies by Business Insider.

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