The Redfin Housing Demand Index decreased 8.5 percent from January’s record-high, to a seasonally adjusted level of 118 in February. Despite the dip from the previous month, this was the strongest February for homebuyer demand since at least 2013, the first year measured by the index.
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 January, the seasonally adjusted number of buyers requesting tours was down 8.2 percent in February, while the seasonally adjusted number of buyers writing offers was down 7.7 percent.
“The only factor holding back sales this spring is supply,” said Redfin chief economist Nela Richardson. “Limited inventory, particularly for starter homes, has put a crimp in the 2017 market. We expect to see more listings hit the market this spring, but there will still not be enough inventory to match homebuyer demand.”
While lower than January’s all-time high, homebuyer demand in February remained well above levels seen around this time last year. Demand was up 20.0 percent compared to the previous February, led by a 25.7 percent year-over-year increase in homebuyers requesting tours and an 11.9 percent increase in buyers making offers.
February continued a trend of limited selection for homebuyers, who saw 7.2 percent fewer new listings hit the market, and 13.9 percent fewer homes on the market overall than in February 2016.
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