{"id":58450,"date":"2017-06-26T16:15:30","date_gmt":"2017-06-26T23:15:30","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=58450"},"modified":"2020-10-06T17:08:08","modified_gmt":"2020-10-07T00:08:08","slug":"redfin-housing-demand-index-hit-a-new-high-in-may","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/redfin-housing-demand-index-hit-a-new-high-in-may\/","title":{"rendered":"Redfin Housing Demand Index Hit a New High in May"},"content":{"rendered":"
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The Redfin Housing Demand Index increased 11.3 percent from April to a seasonally adjusted record level of 136 in May. This was the highest level of homebuyer demand recorded since Redfin began tracking this data in January 2013.<\/span><\/p>\n

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The Demand Index is based on thousands of Redfin customers requesting home tours and writing offers. A level of 100 represents the historical average for the three-year period from January 2013 to December 2015.<\/span>
\nAfter falling from January to March, demand posted strong gains going into the peak real estate season. With <\/span>the supply of homes for sale at historic lows<\/span><\/a>, however, the high buyer demand is likely to continue to drive up housing prices in major metros over the next two months.<\/span>
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\nCompared to April, the seasonally adjusted number of buyers requesting tours was up 9.0 percent in May, and the seasonally adjusted number of buyers writing offers was up 15.4 percent. In a stark contrast to the surge in demand, inventory was 11.8 percent lower in May than a year earlier across the 15 metros covered by the Demand Index. May marked the 24th consecutive month of year-over-year inventory declines despite a 4.2 percent increase in the number of homes newly listed for sale. This means that people are buying up homes faster than they are being listed.<\/span>
\n\u201cOn paper, the numbers we\u2019ve been presenting all year make the market look like a seller\u2019s haven,\u201d said Redfin chief economist Nela Richardson. \u201cBut very often sellers are buyers too. Sellers in hot markets can quickly generate several competing offers, but what they really need to be on their way to their next home purchase is a committed buyer who will make it to the closing table without delays or hassles. To provide this assurance, savvy buyers aren\u2019t just offering the highest price; they are using <\/span>creative strategies<\/span><\/a> like pre-inspections and non-refundable deposits to demonstrate to sellers their commitment to close the deal.\u201d <\/span><\/p>\n

Metro-Level Demand Highlights<\/strong><\/h3>\n

Below, we provide a slideshow of local charts for each of the metros tracked by the Redfin Housing Demand Index and highlight noteworthy trends in select markets. If you\u2019d like to learn more about a particular market, please email press@redfin.com. <\/span>
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