{"id":49296,"date":"2016-05-31T05:00:13","date_gmt":"2016-05-31T12:00:13","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=49296"},"modified":"2020-10-06T12:59:50","modified_gmt":"2020-10-06T19:59:50","slug":"housing-demand-fell-5-percent-in-april-following-a-year-of-dwindling-home-supply","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-demand-fell-5-percent-in-april-following-a-year-of-dwindling-home-supply\/","title":{"rendered":"Housing Demand Fell 5 Percent in April Following a Year of Dwindling Home Supply"},"content":{"rendered":"

The Redfin Housing Demand Index fell 4.9 percent to 118 in April, the fifth consecutive month of year-over-year declines. Early stage demand strengthened, with the number of Redfin customers requesting tours up 19.8 percent year over year, up from the 17.7 percent increase recorded in March. The late stage is where demand slid, with a 6.7 percent year-over-year drop in the number of customers writing offers in April. <\/span><\/p>\n

\"Capture\"<\/figure>\n

Across the 15 metro areas measured by the Demand Index, home prices were up 5 percent in April from a year earlier as sales grew a modest 1.3 percent. April marks a year of consistently falling inventory as the total number of homes for sale fell 2.2 percent. New listings were essentially flat, down 0.3 percent from last year. <\/span>
\nEven with fewer buyers making offers than last year, the persistent depletion of supply made the market extremely competitive for those who bid on homes. Last month, 63 percent of offers Redfin agents wrote faced bidding wars, exactly on par with last year\u2019s frequency. And 29.6 percent of homes sold for more than their asking price, the highest level recorded since August 2013. The typical home stayed on the market for just 17 days, four days fewer than last year. In Denver, the fastest market, homes went under contract in a median five days. Buyers had just a little more time in Portland and Seattle, where the typical home took a week to sell.<\/span>
\n\u201cTiming is everything in today\u2019s market,\u201d said Redfin chief economist Nela Richardson. \u201cEven though it\u2019s a seller\u2019s market, a lot of sellers are also buyers who are risk averse as they confront an inventory drought while finding their next home. As sellers, they\u2019re often taking the sure bet over the highest offer, whether it\u2019s all cash or a lender guaranteeing a quick close. Only people with time wrangle up the price.\u201d<\/span>
\nExamples of homes that sold in a matter of days but without exceeding asking price by more than a few thousand dollars include <\/span>these<\/span><\/a> three<\/span><\/a> homes<\/span><\/a> in the hot Denver market. <\/span>
\nGood news for buyers is that bidding wars appear to be cooling off a bit in May, with 59 percent of Redfin offers facing competition in the first half of the month. <\/span>
\nThe Demand Index tracks millions of visits to Redfin.com and the touring and purchase offers of thousands of Redfin customers in 15 major metro areas. The index equaled 100 on January 2013, the first month of the estimation period, and is adjusted for changes in Redfin market share.<\/span><\/p>\n

\"Housing<\/figure>\n","protected":false},"excerpt":{"rendered":"

The Redfin Housing Demand Index fell 4.9 percent to 118 in April, the fifth consecutive month of year-over-year declines. <\/p>\n","protected":false},"author":13441,"featured_media":45280,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8,22],"tags":[67,32],"coauthors":[],"class_list":["post-49296","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","category-market-tracker","tag-demand-index","tag-housing-market-tracker"],"acf":[],"yoast_head":"\nHousing Demand Fell 5 Percent in April Following a Year of Dwindling Home Supply - 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