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.

Greater Metropolitan Market Areas

The Bright MLS |T3 Home Demand Index currently covers the three greater metropolitan market areas served by Bright MLS, namely the Greater Philadelphia Area (in blue), the Greater Washington D.C. Area (in gray), and the Greater Baltimore Area (in orange). Colors are provided for visual identification of each market area and do not correlate to index activity level. Make a selection on the map to go to the report for a market area or view an overview of each market area here..

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Washington D.C. | May 2022

Home Demand Index

The Bright MLS | T3 Home Demand Index rose five percent to 126 reflecting a Moderate pace of demand for Washington Metro area homes. The Index has risen for four months in a row following a seasonal lower in December.

Demand rose for all types of homes, except lower-priced single-family, with the greatest increase in buyer interest in higher-price single-family homes. Inventory conditions changed little over the month. The months supply ranged from 0.8 months supply for mid-priced single-family homes to 1.9 months supply for higher-priced condos.

Home Demand
Index

126

(Moderate)

Home Demand Index
from prior month

120

Home Demand Index
from prior year

158

Index change
from prior month

Index change from
same time last year

-20.3%

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Philadelphia | May 2022

Home Demand Index

Demand for Philadelphia Metro area home rose in April according to the Bright MLS | T3 Home Demand Index. The Index, at 124, rose six percent to a level consistent with a Moderate level of demand.

In April, demand was weakest for lower-priced single-family homes with Limited buyer interest. Buyer interest was strongest for higher-priced condos and higher-priced single-family homes, each recording High demand. Buyer interest in lower-priced single-family homes was unchanged while demand for condos was marginally lower. Demand for higher-price single-family homes rose the most, with an increase of 18 percent over the month. The months supply of homes changed little in April compared with the previous month. The inventory of homes ranged from a 1.1 months supply for mid-priced single-family homes to a 3.1 months supply for higher-priced condos.

Home Demand
Index

124

(Moderate)

Home Demand Index
from prior month

117

Home Demand Index
from prior year

144

Index change
from prior month

Index change from
same time last year

-13.9%

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Baltimore | May 2022

Home Demand Index

The Bright MLS | T3 Home Demand Index for the Baltimore Metro area rose 4.1 percent in April marking the fourth consecutive monthly increase since the seasonal low in December. The Index, at 127, reflected a Moderate pace of buyer demand.

Demand remained the strongest for higher-priced single-family homes and higher-priced condos, both well above the threshold indicating a High level of buyer interest. Buyer interest in lower-priced single-family homes decreased from an already low level the month before. Demand increased the most for lower-priced condos, rising from Steady demand in March to Moderate demand in April. The months supply among each type of home changed very little over the month, ranging from 0.8 months for mid-priced single-family homes to 1.7 months for higher-priced condos.

Home Demand
Index

127

(Moderate)

Home Demand Index
from prior month

122

Home Demand Index
from prior year

154

Index change
from prior month

4.1%

Index change from
same time last year

-17.5%

Bright MLS | T3 Home Demand Index

What is the Home Demand Index?

Greater Metropolitan Market Areas

Washington D.C. | May 2022

Home Demand Index

Philadelphia | May 2022

Home Demand Index

Baltimore | May 2022

Home Demand Index

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