Redfin's Rachel Musiker reports that home-buyer demand picked back up in July following month-over-month declines in May and June.
Based on data from Redfin customer's seeking home tours and writing offers, the Redfin Housing Demand Index jumped 5.7% from June to a seasonally-adjusted level of 94 in July. The increase is attributed to home tour requests, which is up 14.3% from June. However, with no real pickup in inventory from last month, the increased tour demand did not translate into more offers, which fell 1.8% from June to July.
“Buyers continue to be persistent when it comes to giving homes a shot, checking out what’s coming on the market despite new inventory being few and far between,” said Redfin chief economist Nela Richardson. “But strong tour growth isn’t translating into offer growth, so we’ll likely see a second lackluster month for sales in August.”