Homebuyer Demand Continues To Rise

The Redfin Housing Demand Index increased 6.5 percent over the month of January to a seasonally adjusted level of 130, the highest level in four years.

A score of 100 represents the historical average of the three years between January 2013 and December 2015. The index factors in customers requesting home tours and writing offers.

Compared to the same time in 2016, homebuyer demand was up 22.9 percent, with double-digit year-over-year increases in tour requests and offers made.

“Soaring stock markets, still low mortgage rates and a steady economy bolstered homebuyers at the start of 2017,” said Redfin chief economist Nela Richardson. “Homebuyers were not just window shopping, they were serious about making offers and getting to the closing table.”

Metro-area demand was up in places such as Baltimore, Boston, Chicago, Phoenix, and Seattle, while the index declined in popular markets such as Denver, Oakland, and San Francisco.

Read more