The Redfin Housing Demand Index fell 4.9% in April, reports Redfin staffer Rachel Musiker. The drop continues the Index's trend of decline with April being the fifth consecutive month of year-over-year declines. Though Redfin customers requesting tours is up 19.8% year-over-year, the number of customers actually writing offers in April was down 6.7% from the same time the previous year.

However home prices are on the rise, up 5% year-over-year in April across the 15 metro areas measured by the Demand Index. Sales also increased by 1.3%, but inventory declined as the total number of homes for sale fell 2.2%.

Even with fewer buyers making offers than last year, the persistent depletion of supply made the market extremely competitive for those who bid on homes. Last month, 63 percent of offers Redfin agents wrote faced bidding wars, exactly on par with last year’s frequency. And 29.6 percent of homes sold for more than their asking price, the highest level recorded since August 2013. The typical home stayed on the market for just 17 days, four days fewer than last year.

“Timing is everything in today’s market,” said Redfin chief economist Nela Richardson. “Even though it’s a seller’s market, a lot of sellers are also buyers who are risk averse as they confront an inventory drought while finding their next home. As sellers, they’re often taking the sure bet over the highest offer, whether it’s all cash or a lender guaranteeing a quick close. Only people with time wrangle up the price.”

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