The Redfin Housing Demand Index increased 9.2 percent from March to a seasonally adjusted level of 121 in April

Phoenix demand well below high of 2013

The Demand Index is based on thousands of Redfin customers requesting home tours and writing offers. A level of 100 represents the historical average for the three-year period from January 2013 to December 2015.

Although it has remained above its historical average all year, the Demand Index has shown strong variability, steadily decreasing from January to March before picking back up in April.

Related: U.S. home equity is back, so why aren’t more people borrowing?/Associated Press

Compared to March, the seasonally adjusted number of buyers requesting tours was up 12.1 percent in April, and the seasonally adjusted number of buyers writing offers was up 6.9 percent. The growth in demand is in stark contrast with the ongoing shortage of home supply. Across the 15 metros covered by the Demand Index, there were 13.1 percent fewer homes for sale than the previous March, marking the 23rd consecutive month of year-over-year inventory declines.

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