January proved to be a good start for the new year, as housing demand rose by 6.5%, according to Redfin.
The company’s housing demand index reached a seasonally adjusted level of 130 last month, the highest since Redfin started tracking demand in January 2013.
Year-over-year, buyer demand rose by 22.9%; tour requests increased by 25.9%; and buyers who made offers went up by 18%. However, homebuyers saw 13.4% fewer home listings, only 4% of which were new homes.
Month-over-month, homebuyers who requested for tours rose by 3.2%, while buyers who were making offers went up by 13%.
“Soaring stock markets, still-low mortgage rates and a steady economy bolstered homebuyers at the start of 2017,” said Redfin Chief Economist Nela Richardson. “Homebuyers were not just window shopping; they were serious about making offers and getting to the closing table. However, this uptick in homebuyer enthusiasm won’t guarantee strong sales in the coming months. With pending home sales down across the country in January despite strong demand, the lack of supply is a formidable foe for buyers this year.”
A level of 100 signifies a historical average for the demand index from January 2013 to December 2015
by Anna Sobrevinas
Team Leader, The Tonnesen Team
Berkshire Hathaway HomeServices, Nevada
3185 St Rose Pkwy #100 Henderson, NV 89052
With over 30 years of experience helping families call Las Vegas "home!"
Related Blog Posts
After 30 years of selling real estate in Las Vegas, I can state for a fact: Most buyers have ZERO imagination. When buyers tour a home for sale, most have a very difficult time visualizing anything other than the condition it is in currently. While a small percentage actually prefer a fixer-upper so they can get what t...
Take advantage of this rare opportunity to buy a brand new model home in Las Vegas with a builder leaseback! One of the developers in Mountain's Edge, a beautiful master planned community on the southwest edge of Las Vegas, is selling a gorgeous fully furnished model home LOADED with upgrades on an oversized lot with a...
Over the past month, the Las Vegas real estate market has been literally flooded with would-be flippers, making up to 30 bids each per week. They are offering anywhere between 70 to 80 cents on the dollar on homes listed for sale around the Valley, hoping to get just one offer accepted so they can get started on th...
The misconception about down payments continue to hinder millennials from the possibility of owning a home.An outlook study conducted by United Shore Financial Services along with Michigan State University found out that a whopping 96% of its respondents became more interested in purchasing a home after finding out tha...