Redfin’s Housing Demand Index, which is based on Redfin customers requesting home tours and writing offers across 15 major metro areas, fell 6.5 percentage points to 105 in March — the second consecutive month of declines this year.

The seasonally adjusted number of buyers requesting home tours and the number of buyers making offers decreased by 2.6 percent and 14.7 percent month-over-month, respectively.

Year-over-year, the Demand Index declined 3.8 percent, and the number of buyers requesting home tours increased 6.2 percent, while the number making offers fell 17.1 percent.

Redfin Chief Economist Nela Richardson says continued winter weather had much to do with the decline.

Abnormally late winter weather and an early Easter likely delayed homeowners planning to list their homes for sale in March,” Richardson said. “While inventory levels are still not nearly high enough to meet strong buyer demand, we do expect new listings to pick up in April and May.”

Across the 15 metros covered by the Demand Index, the number of homes for sale fell 13.6 percent year over year — the 34th consecutive month of falling supply. Furthermore, the number of newly listed homes for sale last month fell 7.3 percent year-over-year.

At the metro level, demand in Atlanta (index reading: 155), Orange County (137), Oakland (113), San Francisco (93) and Portland (83) has continued to grow year-over-year, while demand in Seattle (133), Baltimore (124), Chicago (99), Los Angeles (96), San Francisco (93), San Diego (92), Boston (92), Portland (83), Washington D.C. (73) and Denver (70) all fell.

About the index

The Redfin Demand Index is adjusted for Redfin’s market share growth. A level of 100 represents the historical average for the three-year period from January 2013 to December 2015. The index is based on the following 15 metros: Atlanta, Georgia; Austin, Texas; Baltimore, Maryland; Boston, Massachusetts; Chicago, Illinois; Denver, Colorado; Los Angeles, California; Oakland, California; Orange County, California; Phoenix, Arizona; Portland, Oregon; San Diego, California; San Francisco, California; Seattle, Washington; and Washington, D.C.

Email Marian McPherson

Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription