The Redfin January housing market data is in, and the Redfin blog tells us that "Sellers are Still in Control." How? There are fewer houses on the market and also fewer houses being sold in the last two months than all year, but listings are dropping faster than sales. Sure, we'd expect these numbers to be low when adjusted for seasonality, but they are low compared to last year in December and January. How low? Overall, houses and condos for sale were down 42% from last January, and the number of listings sold was down 19%. The recent deal struck with lenders may mean more listings hitting the market, either because homeowners are above water or through foreclosure, or it may make it possible for more homeowners to stay in their current home. Either way, at some point we'd expect listing volume to increase, whether or not that comes with an increase in buying remains to be seen.
· Sellers Still in Control in San Francisco [Redfin]
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