{"id":62385,"date":"2018-04-24T04:00:42","date_gmt":"2018-04-24T11:00:42","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=62385"},"modified":"2020-10-06T17:08:05","modified_gmt":"2020-10-07T00:08:05","slug":"redfin-housing-demand-index-fell-6-5-from-february-to-march-as-fewer-homes-hit-the-market","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/redfin-housing-demand-index-fell-6-5-from-february-to-march-as-fewer-homes-hit-the-market\/","title":{"rendered":"Redfin Housing Demand Index Fell 6.5% From February to March as Fewer Homes Hit the Market"},"content":{"rendered":"

The Redfin Housing Demand Index fell 6.5 percent month over month to 105 in March, the second consecutive month of declines this year.
\nThe Demand Index is based on thousands of Redfin customers requesting home tours and writing offers. The Demand Index is adjusted for Redfin\u2019s market share growth. A level of 100 represents the historical average for the three-year period from January 2013 to December 2015.<\/span><\/p>\n

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\u201cAbnormally late winter weather and an early Easter likely delayed homeowners planning to list their homes for sale in March,\u201d said Redfin chief economist Nela Richardson. \u201cWhile inventory levels are still not nearly high enough to meet strong buyer demand, we do expect new listings to pick up in April and May.\u201d<\/span>
\nFrom February to March, the seasonally adjusted number of buyers requesting home tours increased 2.6 percent, while the number of buyers making offers fell 14.7 percent. <\/span>
\nLooking at year-over-year comparisons, the Demand Index declined 3.8 percent from March 2017. The number of buyers requesting home tours increased 6.2 percent, while the number making offers fell 17.1 percent. <\/span>
\nAcross the 15 metros covered by the Demand Index, the number of homes for sale fell 13.6 percent year over year in March, the 34th consecutive month of falling supply. There were 7.3 percent fewer homes newly listed for sale last month than a year earlier. <\/span>
\nHowever, an early read of inventory in the first half of April suggests that the number of homes for sale is increasing in line with seasonal expectations. And as recently as last week, the Mortgage Bankers Association <\/span>reported an uptick<\/span><\/a> in mortgage applications, signalling that more homebuyers are finally ramping up as spring approaches.<\/span><\/p>\n

Metro-Level Demand Highlights<\/b><\/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 and agent insights from select markets. If you\u2019d like to learn more about a particular market, please email <\/span>press@redfin.com<\/span><\/a>.<\/span>
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