Redfin reports that its Housing Demand Index rose 7.4 percent month over month in May.
The rise is based in part on a 6.3 percent increase in the number of homebuyers requesting tours and a 9.7 percent increase in the offers on homes between April and May. May’s index score was 116; 100 represents the average demand between January 2013 and December 2015.
Despite the rise, May’s Demand Index is still 7.5 percent lower than it was in May 2017. The same number of people are requesting tours, but the number of offers has decreased 16.7 percent. The number of homes for sale is 3.3 percent lower than in May 2017, indicating that deceased demand has more to do with a lack of available homes than a lack of potential buyers.
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