Market Overview

Redfin Housing Demand Index Hit a New High in May

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The
Redfin Housing Demand Index
increased 11.3 percent from April to a
seasonally adjusted record level of 136 in May, according to Redfin (www.redfin.com),
the next-generation real estate brokerage. This was the highest level of
homebuyer demand recorded since Redfin began tracking this data in
January 2013.

The Demand Index is based on thousands of Redfin customers requesting
home tours and writing offers. A level of 100 represents the historical
average for the three-year period from January 2013 to December 2015.

Compared to April, the seasonally adjusted number of buyers requesting
tours was up 9.0 percent in May, and the seasonally adjusted number of
buyers writing offers was up 15.4 percent. In a stark contrast to the
surge in demand, inventory was 11.8 percent lower in May than a year
earlier across the 15 metros covered by the Demand Index. May marked the
24th consecutive month of year-over-year inventory declines despite a
4.2 percent increase in the number of homes newly listed for sale. This
means that people are buying up homes faster than they are being listed.

"On paper, the numbers we've been presenting all year make the market
look like a seller's haven," said Redfin chief economist Nela
Richardson. "But very often sellers are buyers too. Sellers in hot
markets can quickly generate several competing offers, but what they
really need to be on their way to their next home purchase is a
committed buyer who will make it to the closing table without delays or
hassles. To provide this assurance, savvy buyers aren't just offering
the highest price; they are using creative
strategies
like pre-inspections and non-refundable deposits to
demonstrate to sellers their commitment to close the deal."

To read the full report, including metro-level demand data and charts,
please visit: https://www.redfin.com/blog/2017/06/redfin-housing-demand-index-hit-a-new-high-in-may.html.

About Redfin

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 $40 billion in home sales.

For more information or to contact a local Redfin real estate agent,
visit www.redfin.com.
To learn about housing market trends and download data, visit the Redfin
Data Center
. To be added to Redfin's press release distribution
list, subscribe
here
. To view Redfin's press center, click
here
.

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