Tours and Offers Retreat Slightly in May

The Redfin Real-Time Demand Pulse: a monthly analysis of tour and offer activity from thousands of homebuyers across 20 U.S. markets, months in advance of completed sales, and the only report in the industry that analyzes tour and offer data.

The number of Redfin customers touring homes and making offers both dipped a bit more in May this year than over the same period last year, pointing toward a slight softening of sales volumes in June and July. This despite the fact that inventory improved in April, and will have improved again in May. Months of bidding wars and record-low inventory earlier this year has finally taken a toll on some buyers. Rising interest rates are likely discouraging some buyers as well.

For the full report including data tables, charts, and a downloadable spreadsheet with historic data, visit the Real-Time Demand Pulse in Redfin’s Research Center.

Discussion

  • Paul W

    This is great data Tim. Do you think prices will soften a bit and give back some of the rapid recent increases? Or is there not a strong enough signal to read? Also curious if there was individual market variance or this was a fairly homogenous trend?

    • Tim_Ellis

      So far it looks like it’s a bit too early to read a significant trend. At this point I doubt prices will retreat, but I wouldn’t be surprised to see the increases quickly dissipate. There is always some variation market to market. Is there a particular market you’re interested in?

      • Paul W

        I was only curious about local because San Francisco still feels on fire. So if the average market is cooling a bit I thought there might be some that were really losing steam fast.