Redfin Housing Demand Index Up 7% in May

Second Month of Increases in Newly Listed Homes a Positive Sign for Homebuyers

Seattle, WA – June 26, 2018 (PRNewswire) (NASDAQ: RDFN) — The Redfin Housing Demand Index increased 7.4 percent month over month to 116 in May, according to Redfin (www.redfin.com), the next-generation real estate brokerage. The rise was driven by a 6.3 percent increase in the number of homebuyers requesting tours, and a 9.7 percent increase in the number making offers on homes from April to May.

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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 January 2013 to December 2015.

Across the 15 metros covered by the Demand Index, this is the second-straight month new listings have increased. There were 6.6 percent more newly listed homes for sale in April compared to the same time last year, and 3.6 percent more new listings in May, compared to May 2017. Demand is still outstripping supply, however, and that is why total inventory is still decreasing. The total number of homes for sale was down 3.3 percent year over year in May.

Despite the Demand Index’s rebound from April to May, demand still appears lower than it was at this time last year. The Demand index was 7.5 percent lower in May 2018 than it was in May 2017. The same number of people were requesting home tours, but the number making offers fell 16.7 percent year over year. Again, this is an indication of a dearth of homes to make offers on, as opposed to consumers’ desire to buy.

“People listing their homes for sale in higher numbers this April and May is good news for buyers, and good news for home sales,” said Redfin head of analytics Pete Ziemkiewicz. “But it’s still not enough to satisfy buyer demand, which means price increases will likely continue.”

To read the full report, including metro-level demand charts, please visit: www.redfin.com.

About Redfin

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 $60 billion in home sales.

Redfin Housing Demand Index Fell 6.5% From February to March as Fewer Homes Hit the Market

More People Toured Homes in March than in February, Fewer Made Offers

Seattle, WA – April 24, 2018 (PRNewswire) (NASDAQ: RDFN) — The Redfin Housing Demand Index fell 6.5 percent month over month to 105 in March, according to Redfin (www.redfin.com), the next-generation real estate brokerage. March marked the second consecutive month of declines this year.

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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 January 2013 to December 2015.

“Abnormally late winter weather and an early Easter likely delayed homeowners planning to list their homes for sale in March,” said Redfin chief economist Nela Richardson. “While 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.”

From 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.

Looking 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.

Across 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.

However, 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 reported an uptick in mortgage applications, signalling that more homebuyers are finally ramping up as spring approaches.

To read the full report, including metro-level demand charts, click here.

About Redfin
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 $60 billion in home sales.

Redfin Housing Demand Index Fell 14 Percent from January to February as Ongoing Supply Shortage Crimped Homebuyer Activity

Plenty of People Toured Homes in February; There Just Weren’t Enough to Go Around

Seattle, WA – March 27, 2018 (PRNewswire) (NASDAQ: RDFN) — The Redfin Housing Demand Index fell 14.1 percent month over month to 110 in February according to Redfin (www.redfin.com), the next-generation real estate brokerage. This represents the lowest level of homebuyer demand in 11 months and the largest month-over-month decline on record for the Demand Index, for which Redfin has data going back to January 2013.

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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 January 2013 to December 2015.

“There are still plenty of people touring homes; there just aren’t enough of homes to satisfy all the buyers who want to make offers,” said Redfin head of analytics Pete Ziemkiewicz. “We’ve started off each of the past three years with inventory down double-digits from the year before, which has held back buyer activity until enough new listings hit the market to get the offers flowing in the Spring.”

From January to February, the seasonally adjusted number of buyers requesting home tours fell by 12.4 percent, while the number of buyers making offers fell 18.0 percent.

Looking at year-over-year comparisons, the Demand Index declined 6.5 percent from February 2017. The number of buyers requesting home tours actually increased 2.9 percent, while the number making offers fell 20.1 percent.

February marked 33 consecutive months of declining home supply across the 15 metros covered by the Demand Index, with 13.6 percent fewer homes for sale than a year earlier. The inventory shortage, paired with strong demand, has driven rapid home-price appreciation.

To read the full report, including metro-level demand charts, please visit: www.redfin.com.

About Redfin
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 $60 billion in home sales.