Home demand index, housing demand and home price indices

What is the Home Demand Index?

This Home Demand Index (HDI) and accompanying economic research measures and tracks housing demand, home prices, and home buying activities by analyzing property data gathered from real estate agents, home sellers, and homebuyers involved in the viewing, showing, buying, and selling of homes.

The HDI utilizes a score that incorporates data on pre-sale activities, such as views of homes online and in-person showings of homes, across different geographies and types of homes in a local residential real estate market. Based on index scores, home buying demand activity is categorized along a five-level rating scale from Limited demand to High demand.

Most importantly, the HDI identifies demand for homes at the metropolitan and ZIP code level with the ability to make comparisons across geographic areas and market segments. This unique market analysis tool allows professionals and consumers to confidently track local market trends while also empowering better decision-making.

Washington D.C. | July 2021

Home Demand Index

The Bright MLS | T3 Home Demand Index for the Washington MLS market area fell slightly to a reading of 146 in June but was seven percent higher than one year earlier. Buyer interest has been in the High range for four consecutive months following the seasonal low in activity before the start of the spring homebuying rush.

Buyer demand was in the High category among all types of homes except lower-priced single-family where demand was Limited. Buyer interest in each single-family segment softened in June but was marginally higher in the condo and townhouse segments. The inventory of homes for sale remained low, ranging from just 0.8 months supply for mid-priced single-family homes to 2.2 months supply in each of the condo segments. While the months supply fell in the higher-priced condo segment it was virtually unchanged among other types of homes in June.

Home Demand
Index

146

(High)

Home Demand Index
from prior month

148

Home Demand Index
from prior year

136

Index change
from prior month

-1.4%

Index change from
same time last year

7.4%

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Philadelphia | July 2021

Home Demand Index

Demand for homes in the Philadelphia MLS market area was slightly lower in June according to the Bright MLS | T3 Home Demand Index. The Index fell by less than two percent over the month, to a reading of 139, and was virtually unchanged from the year before. June marked the fourth consecutive month with buyer demand in the High category.

Buyer demand was in the High category in all segments except lower-priced single-family where demand remained in the Limited category. Buyer interest in higher-priced single-family homes rose over the month, the only market segment to record an increase in demand in June. The June months supply was lower among all types of homes except lower-priced single-family, which rose slightly. The months supply of higher-priced condos declined the most, from 4.1 in May to 3.1 months in June.

Home Demand
Index

139

(High)

Home Demand Index
from prior month

141

Home Demand Index
from prior year

140

Index change
from prior month

-1.4%

Index change from
same time last year

-0.7%

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Baltimore | July 2021

Home Demand Index

Demand for homes in the Baltimore MLS market area remained in the High range despite a small decline in June. The Bright MLS | T3 Home Demand Index fell by nearly three percent over the month to a reading of 145. Compared with one year earlier, the Index was two percent higher.

Consistent with the past several months, the lower-priced single-family segment exhibited the weakest demand in June, although the Index rose slightly over the month. Demand for condos rose marginally, while buyer interest in mid-priced single-family homes declined. Among all types of homes, higher-priced single-family homes and condos exhibited the strongest buyer interest. Inventory conditions remained extremely tight among all types of homes ranging from 0.7 months supply for mid-priced single-family homes to 2.1 months supply for higher-priced condos. While the months supply for each condo segment fell, inventory conditions were little changed among other types of homes.

Home Demand
Index

145

(High)

Home Demand Index
from prior month

149

Home Demand Index
from prior year

142

Index change
from prior month

-2.7%

Index change from
same time last year

2.1%

Bright MLS | T3 Home Demand Index