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Home | Daily Dose | Fewer Prospective Homeowners to Clash Over Homes
Hudson & Marshall
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Fewer Prospective Homeowners to Clash Over Homes

Fewer Prospective Homeowners to Clash Over Homes

Home buying competition rose over the month of January but was down from last January, according to national real estate brokerage Redfin, which took the year-over-year decline as a sign that low inventory and rising prices are thwarting demand in the housing market.

About 58 percent of home offers by Redfin agents encountered a competing offer in January compared to nearly 53 percent in December. Competition increased in all 22 markets in which Redfin has a presence. However, the rate is still down significantly from the 70 percent recorded in January 2013.

While Redfin anticipates competition will be “a prominent fixture” in the housing market in the short-run, the brokerage expects declining demand and rising inventory to keep competition at bay later in the year. Rising prices prevent many home shoppers from feeling that they are “getting a deal,” according to Redfin, and low inventory is discouraging to some shoppers as well.

The average home sold in January sold for 0.9 percent lower than the asking price, according to Redfin. Just two of the 22 markets observed reported the average home selling for more than the asking price: San Jose, California, and San Francisco, California, where about half of homes sold for more than the asking price. The average home in San Jose sold for 2.9 percent above its asking price, while the average home in San Francisco sold for 2.1 percent above its asking price.

Hudson & Marshall

About Krista Franks Brock

Krista Franks Brock
Krista Franks Brock is a regular contributor to DSNews.com and TheMReport.com. She previously served as managing editor of DS News magazine. Prior to joining DS News, she was managing editor of Southern Distinction, a regional lifestyle magazine based in Athens, Georgia. She is currently a freelance writer and editor for various online and print publications. She holds degrees in journalism and art from the University of Georgia, where she also earned a minor in Spanish.

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