For the fourth consecutive month, overall home buyer demand declined year-over-year in March, this time 6.9%, according to the Redfin Housing Demand Index and reported by Rachel Musiker.
However, the number of people requesting tours jumped 19.1% year-over-year in March, about the same level of growth seen in February. From there, though, there wasn’t much follow through as the number of customers writing offers fell 7.5% year-over-year in March, following a 4.1% increase in February.
“Despite an increasing number of people searching for homes, fewer are taking the plunge and making offers due to a scarcity of homes for sale and a lot of competition from other buyers,” said Redfin chief economist Nela Richardson. “The result has been, and will likely continue to be, modest sales growth so far this year.”