New reports are showing an increase in homebuyer requests for tours. Unfortunately, the increase in home tours are not translating to an increase in offers being made. In fact, the number of offers being made has fallen.
"Buyers requesting home tours in March rose 6.2% year-over-year and 2.6% month-over-month, but the share of homebuyers that actually made an offer plummeted 17.1% from a year ago and 14.7% from February to March," according to National Mortgage News.
"The fact that home shoppers are making fewer offers despite more interest in tours could be a result of tight supply."
According to a Redfin graphic, between March 2016 and March 2017, there was an increase in the Housing Demand Index, however, between March 2017 and March 2018, the demand began to slip.
"Abnormally late winter weather and an early Easter likely delayed homeowners planning to list their homes for sale in March," said Redfin Chief Economist Nela Richardson in a press release, according to NMN.
"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."
Despite being well into the spring season, buyers are still taking their time. Though, the reports believe that the spring buying season will pick up now that much of the colder temperatures and winter weather is subsiding.
To learn more about the increase in home tour requests, click on the image above.