The Demand Index is based on thousands of Redfin customers requesting home tours and writing offers. The Demand Index is adjusted for Redfin's market share growth. A level of 100 represents the historical average for the three-year period from
"April was the first time in 27 months that we saw a year-over-year decline in the number of customers touring homes," said Redfin chief economist
From March to April, the seasonally adjusted number of buyers requesting home tours dropped 1.4 percent, while the number of buyers making offers fell 1.8 percent.
Looking at year-over-year comparisons, the Demand Index declined 11.5 percent from
Across the 15 metros covered by the Demand Index, the number of homes for sale fell 7.3 percent year over year in April, the 35th consecutive month of falling supply. However, newly listed homes for sale increased 6.6 percent in April compared to a year earlier.
To read the full report, including metro-level demand charts, please visit: https://www.redfin.com/blog/2018/05/redfin-housing-demand-index-posted-slight-decline-from-march-to-april-amid-ongoing-inventory-crunch.html
Redfin (www.redfin.com) is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than
For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the
Redfin Journalist Services: Jon Whitely, 206-588-6863, email@example.com