Housing demand jumped in April

A measure of housing demand gained 9.2% in April compared to the previous month.

Redfin’s Demand Index is based on its customers’ requests for house tours and writing offers and has shown strong variability so far this year with the April rise following three monthly declines.

Seasonally-adjusted, there was a 12.1% rise in buyers requesting tours and a 6.9% rise in those writing offers. The 15-metro index shows that inventory dropped 13.1% in April compared to March.

“We know two things heading into the summer selling season. One, home prices continue to leap forward. Two, homebuyers continue to jump into the market,” said Redfin chief economist Nela Richardson.

The report suggests that Seattle will soon surpass Oakland and San Francisco as the metro with the most-constrained supply of homes for sale. It has a larger population and over the year to April demand rose 36.9% while inventory slumped 35% according to Redfin data.

“There’s no indication that this market is going to see a drastic increase in supply or a drop in demand, so waiting isn’t an option for a serious buyer,” said Redfin Seattle agent Kyle Moss.