Redfin’s Housing Demand Index slipped 4.3% in June compared to May but the reading of 130 is still 27.8% higher than a year earlier
.jpg)
Redfin’s Housing Demand Index slipped 4.3% in June compared to May but the reading of 130 is still 27.8% higher than a year earlier.
June was also following May’s record high and is 30% above the historical average between January 2013 and December 2015, the basis for the index.
On a seasonally adjusted basis, the number of potential buyers requesting viewings in June was essentially flat while those writing offers was down more than 11% from the previous month.
“In this market, homebuyers have to move fast, yet high prices and low inventory are slowing down even the most earnest of house hunters,” said Redfin chief economist Nela Richardson.
“Buyers toured in full force last month, even though there were fewer homes hitting the market. New listings fell 3.3% from May and were down 1.6% from a year ago. Faced with a low supply of homes for sale and extremely competitive conditions, many homebuyers are struggling to make it to the offer stage,” added Richardson.
The index covers 15 metros and recorded an overall drop in inventory of 12.1% in June compared to a year earlier. It was the 25th consecutive month of falling inventory and the 6th straight month of double-digit decline.
June was also following May’s record high and is 30% above the historical average between January 2013 and December 2015, the basis for the index.
On a seasonally adjusted basis, the number of potential buyers requesting viewings in June was essentially flat while those writing offers was down more than 11% from the previous month.
“In this market, homebuyers have to move fast, yet high prices and low inventory are slowing down even the most earnest of house hunters,” said Redfin chief economist Nela Richardson.
“Buyers toured in full force last month, even though there were fewer homes hitting the market. New listings fell 3.3% from May and were down 1.6% from a year ago. Faced with a low supply of homes for sale and extremely competitive conditions, many homebuyers are struggling to make it to the offer stage,” added Richardson.
The index covers 15 metros and recorded an overall drop in inventory of 12.1% in June compared to a year earlier. It was the 25th consecutive month of falling inventory and the 6th straight month of double-digit decline.
