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. | August 2022

Home Demand Index

Buyer demand for homes in the Washington Metro area fell in July according to the Bright MLS | T3 Home Demand Index. The Index, at 110, was down 8.3 percent over the month and 10.6 percent lower than one year earlier.

Demand for all types of homes in the Washington Metro area fell over the month. The Index for higher-priced single-family homes and for higher-priced condos fell 13 percent over the month, more than any other segments of the market. Despite the declines, demand for homes in July was strongest in each of these segments with the Index remaining in the High range. Buyer interest was Limited for lower-priced single-family homes and Moderate for other segments of the market. The months supply of inventory rose for each market segment in July, marking the third consecutive month where the months supply increased for all types of Washington Metro area homes. Inventory levels ranged from a 1.6 months supply for mid-priced single-family homes to 3.3 months for higher-priced condos.

Home Demand
Index

110

(Moderate)

Home Demand Index
from prior month

120

Home Demand Index
from prior year

123

Index change
from prior month

-8.3%

Index change from
same time last year

-10.6%

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Philadelphia | August 2022

Home Demand Index

Demand for homes in the Philadelphia Metro area fell in July according to the Bright MLS | T3 Home Demand Index. The Index, at 108, was 10 percent lower than the previous month and 6.1 percent lower than the same month one year earlier.

Demand for all types of homes fell in July. The largest decrease in the Index was in the higher-priced condo segment, down 17 percent over the month. Compared with one year earlier, demand was lower for all types of homes except higher-priced single-family homes, which was 16 percent higher. Buyer interest was strongest for higher-priced single-family homes, which remained in the High demand category in July. Although declining over the month, demand for townhouses remained in the Moderate range. The months supply rose for each type of home in July. The inventory of homes ranged from a 1.4 months supply for mid-priced single-family homes to a 4.8 months supply for higher-priced condos.

Home Demand
Index

108

(Steady)

Home Demand Index
from prior month

120

Home Demand Index
from prior year

115

Index change
from prior month

-10%

Index change from
same time last year

-6.1%

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Baltimore | August 2022

Home Demand Index

The Bright MLS | T3 Home Demand Index for the Baltimore Metro area fell 1.7 percent in July. The Index, at 114, was in the Moderate range for the fifth consecutive month. Compared with one year earlier, demand was 8.1 percent lower.

The Bright MLS | T3 Home Demand Index was strongest for higher-priced single-family homes and higher-priced condos, both of which remained in the High demand category. Demand for mid-priced single-family homes and townhouses was Moderate. Consistent with the past several months, lower-priced single-family homes exhibited the weakest demand. Demand for each type of home changed little over the month while the months supply rose for all types of homes in July. The inventory of homes for sale ranged from a 1.3 months supply for mid-priced single-family homes and lower-priced condos to 2.4 months for higher-priced condos.

Home Demand
Index

114

(Moderate)

Home Demand Index
from prior month

116

Home Demand Index
from prior year

124

Index change
from prior month

-1.7%

Index change from
same time last year

-8.1%

Bright MLS | T3 Home Demand Index

What is the Home Demand Index?

Greater Metropolitan Market Areas

Washington D.C. | August 2022

Home Demand Index

Philadelphia | August 2022

Home Demand Index

Baltimore | August 2022

Home Demand Index

Embed the Map