Redfin's Homebuyer Demand Index—a seasonally adjusted measure of tours and requests for other buying services from Redfin agents—is down 11% month over month to its lowest level since August. Pending home sales fell 8.4% year over year during the four weeks ending January 12, the biggest decline since October 2023. Prospective sellers are also sitting on the sidelines, with new listings posting their biggest annual decline since September 2023.