{"id":59530,"date":"2017-09-28T06:40:59","date_gmt":"2017-09-28T13:40:59","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=59530"},"modified":"2020-10-06T17:08:07","modified_gmt":"2020-10-07T00:08:07","slug":"redfin-housing-demand-index-virtually-flat-from-july-to-august-due-to-continued-inventory-shortage","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/redfin-housing-demand-index-virtually-flat-from-july-to-august-due-to-continued-inventory-shortage\/","title":{"rendered":"Redfin Housing Demand Index Virtually Flat from July to August Due to Continued Inventory Shortage"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The Redfin Housing Demand Index remained virtually flat, up slightly from 126 in July to 127 in August. Still, the Demand Index increased 27.7 percent year over year. The Demand Index is adjusted for Redfin\u2019s market share growth.<\/span><\/p>\n<figure id=\"media-59532\" class=\"align-none\"><img decoding=\"async\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2017\/09\/National_deseas.png\" alt=\"National_deseas\" data-has-syndication-rights=\"\" data-license-id=\"\" data-licensor-name=\"\" \/><\/figure>\n<p><span style=\"font-weight: 400;\">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><br \/>\n<span style=\"font-weight: 400;\">Across the 15 metros covered by the Demand Index, there were 13.9 percent fewer homes for sale in August than there were a year prior, and there was a 2.7 percent decline in new listings. August marked the 27th consecutive month of year-over-year inventory declines in these markets. <\/span><br \/>\n<span style=\"font-weight: 400;\">\u201cHigh consumer confidence and low interest rates have powered homebuyer demand, but too-low inventory has constrained home sales all year,\u201d said Redfin chief economist Nela Richardson. \u201cThe Federal Reserve is now setting the stage for a slow, steady increase in mortgage rates in October by beginning to sell its mortgage portfolio. Fall buyers are likely to face slightly higher financing costs in addition to strong price growth.\u201d <\/span><br \/>\n<span style=\"font-weight: 400;\">The seasonally adjusted number of buyers requesting home tours and writing offers remained flat from July to August, decreasing 0.8 percent and increasing 0.1 percent respectively. Compared to last year, 42.3 percent more buyers requested tours in August and 8.2 percent more wrote offers.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Metro-Level Demand Highlights<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Below, we provide a slideshow of local charts for each of the metros tracked by the Redfin Housing Demand Index and highlight noteworthy trends and agent insights from select markets. If you\u2019d like to learn more about a particular market, please email <\/span><a href=\"mailto:press@redfin.com\"><span style=\"font-weight: 400;\">press@redfin.com<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><br \/>\n<div id='gallery-1' class='gallery galleryid-59530 gallery-columns-3 gallery-size-thumbnail'><figure class='gallery-item'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/www.redfin.com\/news\/redfin-housing-demand-index-virtually-flat-from-july-to-august-due-to-continued-inventory-shortage\/baltimore-md_deseas-12\/'><img decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2017\/09\/Baltimore-MD_deseas-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" \/><\/a>\n\t\t\t<\/div><\/figure><figure class='gallery-item'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/www.redfin.com\/news\/redfin-housing-demand-index-virtually-flat-from-july-to-august-due-to-continued-inventory-shortage\/boston-ma_deseas-12\/'><img decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2017\/09\/Boston-MA_deseas-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" \/><\/a>\n\t\t\t<\/div><\/figure><figure class='gallery-item'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/www.redfin.com\/news\/redfin-housing-demand-index-virtually-flat-from-july-to-august-due-to-continued-inventory-shortage\/chicago-il_deseas-12\/'><img decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2017\/09\/Chicago-IL_deseas-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" \/><\/a>\n\t\t\t<\/div><\/figure><figure class='gallery-item'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/www.redfin.com\/news\/redfin-housing-demand-index-virtually-flat-from-july-to-august-due-to-continued-inventory-shortage\/denver-co_deseas-12\/'><img loading=\"lazy\" decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2017\/09\/Denver-CO_deseas-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" \/><\/a>\n\t\t\t<\/div><\/figure><figure class='gallery-item'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/www.redfin.com\/news\/redfin-housing-demand-index-virtually-flat-from-july-to-august-due-to-continued-inventory-shortage\/los-angeles-ca_deseas-12\/'><img loading=\"lazy\" decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2017\/09\/Los-Angeles-CA_deseas-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" \/><\/a>\n\t\t\t<\/div><\/figure><figure class='gallery-item'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/www.redfin.com\/news\/redfin-housing-demand-index-virtually-flat-from-july-to-august-due-to-continued-inventory-shortage\/oakland-ca_deseas-12\/'><img loading=\"lazy\" decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2017\/09\/Oakland-CA_deseas-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" \/><\/a>\n\t\t\t<\/div><\/figure><figure class='gallery-item'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/www.redfin.com\/news\/redfin-housing-demand-index-virtually-flat-from-july-to-august-due-to-continued-inventory-shortage\/orange-county-ca_deseas-12\/'><img loading=\"lazy\" decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2017\/09\/Orange-County-CA_deseas-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" \/><\/a>\n\t\t\t<\/div><\/figure><figure class='gallery-item'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/www.redfin.com\/news\/redfin-housing-demand-index-virtually-flat-from-july-to-august-due-to-continued-inventory-shortage\/phoenix-az_deseas-11\/'><img loading=\"lazy\" decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2017\/09\/Phoenix-AZ_deseas-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" \/><\/a>\n\t\t\t<\/div><\/figure><figure class='gallery-item'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/www.redfin.com\/news\/redfin-housing-demand-index-virtually-flat-from-july-to-august-due-to-continued-inventory-shortage\/portland-or_deseas-12\/'><img loading=\"lazy\" decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2017\/09\/Portland-OR_deseas-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" \/><\/a>\n\t\t\t<\/div><\/figure><figure class='gallery-item'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/www.redfin.com\/news\/redfin-housing-demand-index-virtually-flat-from-july-to-august-due-to-continued-inventory-shortage\/san-diego-ca_deseas-12\/'><img loading=\"lazy\" decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2017\/09\/San-Diego-CA_deseas-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" \/><\/a>\n\t\t\t<\/div><\/figure><figure class='gallery-item'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/www.redfin.com\/news\/redfin-housing-demand-index-virtually-flat-from-july-to-august-due-to-continued-inventory-shortage\/san-francisco-ca_deseas-12\/'><img loading=\"lazy\" decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2017\/09\/San-Francisco-CA_deseas-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" \/><\/a>\n\t\t\t<\/div><\/figure><figure class='gallery-item'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/www.redfin.com\/news\/redfin-housing-demand-index-virtually-flat-from-july-to-august-due-to-continued-inventory-shortage\/seattle-wa_deseas-11\/'><img loading=\"lazy\" decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2017\/09\/Seattle-WA_deseas-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" \/><\/a>\n\t\t\t<\/div><\/figure><figure class='gallery-item'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/www.redfin.com\/news\/redfin-housing-demand-index-virtually-flat-from-july-to-august-due-to-continued-inventory-shortage\/washington-dc_deseas-11\/'><img loading=\"lazy\" decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2017\/09\/Washington-DC_deseas-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" \/><\/a>\n\t\t\t<\/div><\/figure>\n\t\t<\/div>\n<br \/>\n<span style=\"font-weight: 400;\">\u00a0<\/span><br \/>\n<span style=\"font-weight: 400;\"><a href=\"https:\/\/redfin.com\/city\/13654\/CA\/Oakland\">Oakland<\/a> had the largest Demand Index increase in August, up 29 percent from July and 43 percent year over year. Inventory was down 30 percent year over year and new listings fell 5.3 percent. <\/span><br \/>\n<span style=\"font-weight: 400;\">\u201cAugust has traditionally been one of the slowest months in Oakland for homebuyer activity as people go on vacation and finish up their family activities before the kids head back to school,\u201d said Redfin Oakland agent <\/span><a href=\"https:\/\/redfin.com\/real-estate-agents\/tom-hendershot\"><span style=\"font-weight: 400;\">Tom Hendershot<\/span><\/a><span style=\"font-weight: 400;\">. \u201cThis year, August demand has really ramped up compared to July, and we expect September to be a very active month as long as more new inventory hits the market.\u201d<\/span><br \/>\n<span style=\"font-weight: 400;\"><a href=\"https:\/\/redfin.com\/city\/5155\/CO\/Denver\">Denver<\/a> saw the largest decrease in homebuyer activity in August, with its Demand Index down 54.2 percent from July. Inventory there was down 9.3 percent and new listings fell 8.8 percent year over year. <\/span><br \/>\n<span style=\"font-weight: 400;\">\u201cDenver usually sees a drop in homebuyer demand in August, but this year was slower than we\u2019ve seen in recent years,\u201d said Redfin Denver agent <\/span><a href=\"https:\/\/redfin.com\/real-estate-agents\/martinmata\"><span style=\"font-weight: 400;\">Martin Mata<\/span><\/a><span style=\"font-weight: 400;\">. \u201cHomebuyer fatigue has set in and buyers are frustrated because they\u2019re priced out of homes they could afford a couple years ago. We\u2019ve actually had other agents tell us that their clients will back out if there are multiple offers on a listing because people are so fed up with bidding wars.\u201d <\/span><br \/>\n<span style=\"font-weight: 400;\">For more detail on the Redfin Demand Index methodology, click <\/span><a href=\"https:\/\/redfin.com\/blog\/2015\/07\/demand-index-methodology.html\"><span style=\"font-weight: 400;\">here<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Redfin Housing Demand Index remained virtually flat, up slightly from 126 in July to 127 in August. Still, the Demand Index increased 27.7 percent year over year. <\/p>\n","protected":false},"author":13279,"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],"tags":[67,70,68,110],"coauthors":[],"class_list":["post-59530","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","tag-demand-index","tag-home-buyer-tips","tag-local","tag-moving"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.4) - 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