The number of customers making purchase offers through Redfin declined in March, according to the company’s latest housing demand index.
Redfin said its index dropped 6.5 percent to 105 in March. The real estate brokerage said a level of 100 represents the historical average for the three-year period from January 2013 to December 2015.
“Abnormally late winter weather and an early Easter likely delayed homeowners planning to list their homes for sale in March,” Redfin Chief Economist Nela Richardson said in a release. “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.”
According to Redfin, the seasonally adjusted number of buyers requesting home tours in March increased 2.6 percent, but the number of buyers making offers fell 14.7 percent. Year-over-year, Redfin’s index dropped 3.8 percent. Buyers requesting home tours increased 6.2 percent, but number making offers fell 17.1 percent.
Redfin said the number of hoes for sales in the 15 metro areas it covers declined 13.6 percent year-over-year in March. Additionally, there were 7.3 percent fewer homes newly listed in March than a year earlier.