Homebuyers Increase Inquiries But Find Less Inventory

May 30, 2017

For the first time in seven weeks, Freddie Mac is reporting an increase in the average 30-year fixed mortgage rate

More customers were seeking home tours and writing offers for home purchases last month, according to the latest Redfin Housing Demand Index, which reported a 9.2 percent jump from March to April for a seasonally adjusted level of 121.

According to Redfin, the seasonally adjusted number of buyers requesting tours was up 12.1 percent from March to April and the seasonally adjusted number of buyers writing offers was up 6.9 percent. However, inventory shortages continued to complicate the homebuying process: There were 13.1 percent fewer homes for sale than the previous March across the 15 metro areas tracked by Redfin, marking the 23rd consecutive month of year-over-year inventory declines.

“We know two things heading into the summer selling season,” said Redfin chief economist Nela Richardson. “One, home prices continue to leap forward. Two, homebuyers continue to jump into the market. A pop of new listings only encourages more homebuyers to barge their way into this crowded and competitive, low-inventory market in order to take advantage of still-low mortgage rates. For these reasons, we expect prices to continue to grow above their three-year average for the remainder of the year.”

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Phil Hall

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May 30, 2017

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