A combination of several factors will make the housing market more competitive this year, according to Redfin.
Home sales rose 6.7% in January, compared to a year earlier. In the same period, the median sale price rose 7.7% to $255,300. Total inventory fell 5.6% and the number of new listings rose only 0.5%.
Taken together, there will be more competition to buy houses this year, Redfin said in a Thursday news release.
As demand continues to outpace supply, the number of customers requesting home tours reached its highest level on record in January, Redfin said. But the number of customers who made offers declined.
For the situation to improve, more homeowners must decide to move up in housing class and list their homes for sale, and homebuilders must put more supply on the market.
