Tag Archives: index

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

Posted on by
Reply

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.

Redfin Logo

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.

Buyer Demand Remains Strong as ShowingTime Showing Index® Reaches Historic High

Posted on by
Reply

ShowingTime’s National Showing Index exhibits 5.7 percent year-over-year increase as demand exceeds inventory

Chicago, IL – April 20, 2018 (PRNewswire) Showing activity across the U.S. increased 5.7 percent in March to reach its highest point in the four years the ShowingTime Showing Index® has documented buyer demand, highlighting how the lack of housing inventory continues to impact the residential real estate industry.

ShowingTime Logo

The South and Midwest regions outpaced the nationwide increase, with the South Region posting a regional-high 8.2 percent year-over-year increase. The Midwest Region exhibited a 6.8 percent jump in showing activity, recovering from a slight decline in February.

Buyer demand also increased 4.7 percent in the Northeast Region, while the West Region (-1.4 percent) saw a slight year-over-year decline for the second consecutive month.

ShowingTime Chief Analytics Officer Daniil Cherkasskiy said unprecedented low inventory and the start of the historically busy spring season contributed to the Showing Index reaching a record high. The Showing Index was established in April 2017, but tracks residential real estate demand since January 2014.

“The trend of increased showing activity has continued, and we’ve now reached an all-time high since the initial index value was set,” Cherkasskiy said. “The unprecedented low housing inventory has resulted in more demand per listing throughout the country.”

The ShowingTime Showing Index, the first of its kind in the residential real estate industry, is compiled using data from property showings scheduled across the country on listings using ShowingTime products and services, which facilitate more than 4 million showings each month.

The Showing Index, released the third week of each month, tracks the average number of appointments received on an active listing during the month. Local MLS indices are also available for select markets and are distributed to MLS and association leadership.

To view the full report, visit www.showingtime.com/index.

ShowingTime is the leading showing management and market analytics provider to the residential real estate industry. Its MarketStats division provides interactive tools and easy-to-read market reports for MLSs, associations, brokers, agents and other real estate companies. ShowingTime products are used in more than 250 MLSs and associations representing more than 900,000 real estate professionals across the U.S. and Canada.